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GMAC Mortgage Debt
Bubbles2503
Posts: 2 Newbie
I'm not sure if this is the correct place to post but I'm looking for some advice.
I had a mortgage 2001/2002 with GMAC - I defaulted and resulted in the property being repossessed.
My parents received a call today from GMAC about a mortgage debt (obviously they were looking for me but I haven't lived at home for 7+ years). I called them back and they advised I have an amount outstanding. They said they have been sending letters (I'm not sure where).
This maybe a stupid question but can they still chase for a debt that has been outstanding for that long?? I (perhaps somewhat naively) believed the matter to be resolved when the property was repossessed.
Any help would be appreciated
I had a mortgage 2001/2002 with GMAC - I defaulted and resulted in the property being repossessed.
My parents received a call today from GMAC about a mortgage debt (obviously they were looking for me but I haven't lived at home for 7+ years). I called them back and they advised I have an amount outstanding. They said they have been sending letters (I'm not sure where).
This maybe a stupid question but can they still chase for a debt that has been outstanding for that long?? I (perhaps somewhat naively) believed the matter to be resolved when the property was repossessed.
Any help would be appreciated
0
Comments
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I'm afraid they can. How much do they want?0
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He didn't give me an exact amount over the phone "in the region of £7k +" were his words
Looks like I'll have to wait for the paperwork
Thank you0 -
Liability for property continues if there is a shortfall, even, rather unfairly many believe, where you have paid for the insurance.
Also normal debt is statute barred after six years, but mortgage debt isn't for twelve years so you're not quite there as yet0
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