Hi mortgagevictim
Statute of limitation for written contracts, promissory notes and open ended accounts in 4 years in California. However for oral agreements, it is 2 years. Now credit card debts falls under open ended accounts and mortgage falls under promissory notes and so the SOL in both these types of accounts is 4 years. The SOL starts from the date of your last payment towards the debt.
Oh yes. They will be on there for roughly 7 and a half years. Please be sure if your debt is protected by the SOL that you think hard about making any payments. Once you make even the tiniest of payments the SOL clock will start all ove again.
Hi mortgagevictim
Even if the SOL expires after a maximum period of 4 years, the negative listing will stay in your credit report for seven years and 180 days. However, if your SOL has expired, you are in a safe position with the debt because the creditor cannot sue you and bring judgment against you. But the negative listing in your credit report will definitely lower your credit score.
California Statutes of Limitation
Written agreements: 4 years, calculated from the date of breach.
Oral agreements: 2 years.
The statute of limitation is stopped only if the debtor makes a payment on the account after the expiration of the applicable limitations period.
Hi mortgagevictim
Statute of limitation for written contracts, promissory notes and open ended accounts in 4 years in California. However for oral agreements, it is 2 years. Now credit card debts falls under open ended accounts and mortgage falls under promissory notes and so the SOL in both these types of accounts is 4 years. The SOL starts from the date of your last payment towards the debt.
Thanks so much for all the info. I assume negative items stay on for longer though, right?
Oh yes. They will be on there for roughly 7 and a half years. Please be sure if your debt is protected by the SOL that you think hard about making any payments. Once you make even the tiniest of payments the SOL clock will start all ove again.
Hi mortgagevictim
Even if the SOL expires after a maximum period of 4 years, the negative listing will stay in your credit report for seven years and 180 days. However, if your SOL has expired, you are in a safe position with the debt because the creditor cannot sue you and bring judgment against you. But the negative listing in your credit report will definitely lower your credit score.
gr5eat post Justin, you have covered this very thoroughly.
That definately covers it. Great job Justin...