Hello everyone.... this is great forum! Thanks in advance for answers to my question. A friend sold his condo in 2010 in a short sale. The 1st mortgage company forgave the deficiency, the Heloc did not. They started making calls just prior to the short sale but stopped abruptly afterwards. On his credit report the Heloc is naturally a charge off. The question is as of this date the Heloc bank has not filed for a judgement. My friend keeps checking the official records page of the CofC for any filings. The SOL for unsecured is 5 years in his state.. that is if the creditor does not go after a judgement. If there is no judgement after 5 years and the HELOC decides to go to court for one, can he use the SOL defense? Thanks again for all replies.
Hi mijd! If the SOL really is 5 years for the HELOC and the creditor fails to sue within that time period, then yes- it would seem to me that the SOL defense could be used if they were to ever bring suit. I'm not a lawyer though, so take my advice with a grain of salt .
