How long can they chase you ?

DOC_3

For someone who handed keys back for a property to the mortgage company, they sold the property at a loss at auction, how long can they chase the mortgaee for the difference ? Is there a time limit ? Is there any legislation on this ?

tomterm8

statute of limitations: 12 years.

If they don't write to you stating their intention to reclaim in 6 years, they may be obliged not to seek the difference, but this won't include any insurace company.