Statue Of Limitations For Deficiency Judgement - Which State Is Used?

Discussion in 'Short Sale Outpost' started by kidsandliz, Feb 20, 2015.

  1. kidsandliz

    kidsandliz LoanSafe Member

    House sold short in Idaho which has a 5 year statue of limitations for a court deficiency judgement. I live in Mississippi and lived here when the house sold. It has a 3 year statue of limitations. Which state is used to figure the statue of limitations - the one I lived in (and still live in) when the house sold or the state the house is in?

    Also is the count for the statue of limitations from when the house sold or when I stopped paying the mortgage?

    House sold the end of Jan 2011, so 11 mo to go if ID rules hold, or I am home free if MS rules hold.

    Thanks for the help.

    And to all of you who are reading this and selling short - get the deficiency is excused in writing, don't take your agent's word for it. Mine lied. I can't find anyone to sue him.
  2. Moe Bedard

    Moe Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hello and sorry for the late reply here. I somehow missed this post.

    It will be based on where the contract was signed and executed which would be Idaho. They would then have to go to Mississippi in order to file to collect from you.

    Yes, I was a real estate agent at one time and I found that some Realtors lie and cheat a little so they can make those big commission checks. It was one of the reasons why I got out of the business.

    My motto is to NEVER ever take a salesman's word at face value. Trust but ALWAYS verify.
    Last edited: Feb 25, 2015
  3. kidsandliz

    kidsandliz LoanSafe Member

    Thanks for your help!! That is what I suspected - Idaho. Do you know if the count for the statue of limitations starts when from I stopped paying the mortgage or from when the house sold?

    Thanks again,
    Last edited by a moderator: Feb 25, 2015
  4. Moe Bedard

    Moe Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    You are welcome Liz.

    It will be from when the house was sold.

    Hopefully this all works out for you. I wish you the best.

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