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In response to
"Thanks! Yeah - the couple they mentioned on NPR this morning were contacted 5 years AFTER their foreclosure - they had 5K in the bank - and settled "
by
JenBro
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Hope they checked with an attorney first. Debts are only collectible for a certain amount of time. It varies from 3-10 years depending on the state
Posted by
Trish (aka trisha)
Oct 30 '11, 10:01
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where the debt is. These collection LLCs buy up old debts that they know are time-barred for pennies on the dollar and cast out a wide net. A lot of people panic and send in a minimul payment. Big mistake, that starts the debt clock ticking again. Even if the collection agency tries to file suit against you, you can have it dismissed by simply showing the judge that the debt is past the statue of limitations. Read more at the link.
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