![]() ![]() What should I do if I’m having trouble paying my mortgage?Ĭontact your lender immediately. The clock resets and a new statute of limitations period begins. Under the laws of some states, if you make a payment or even acknowledge in writing that you owe the debt, then the debt isn’t time-barred anymore. How long the statute of limitations lasts depends on what kind of debt it is and the law in your state - or the state specified in your credit contract or agreement creating the debt. If you do get sued for a time-barred debt, tell the judge that the statute of limitations has run out. It’s against the law for a debt collector to sue you for not paying a debt that’s time-barred. After the statute of limitations runs out, your unpaid debt is considered to be “time-barred.” That means the collector can no longer sue - or threaten to sue - you to pay the debt because so much time has passed. This period of time is called the “statute of limitations,” and it usually starts when you first miss a payment on a debt.
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