New York Release of Loan Obligation
Description
How to fill out New York Release Of Loan Obligation?
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FAQ
A discharge of mortgage is removing a home loan from the title of your property. When you have a home loan, the bank holds the Certificate of Title on your property until the home loan is repaid.
Notwithstanding any other provision of law, the unpaid balance of the loan or forbearance may be prepaid, in whole or in part, at any time. If prepayment is made on or after one year from the date the loan or forbearance is made, no penalty may be imposed.
The statute of limitations in New York is six years for any type of debt. The six-year time period is counted from when a debt repayment became due or when the debtor made the most recent payment, whichever is more recent.
You may be surprised to learn that money judgments in New York are enforceable for a period of twenty (20) years. That judgment can be enforced against any property you have that can be assigned or transferred (such as money, bank accounts and real property).
So, there is a time limit for starting cases. This is called the "statute of limitations." The statute of limitations for filing a debt collection lawsuit for a "consumer credit transaction" is 6 years, counting from the "date of the default." The "date of the default" is about 30 days after you last made a payment.
This practice is legal. However, consumers should understand that in New York a creditor has six years to sue a debtor to collect on the amount owed. Although a creditor may attempt to sue a debtor after this period of time, the creditor may not be successful.
It means that you have no personal liability on the mortgage, but the lender still has a lien on the house for payment of the loan. If you don't make your payments on time, the lender can foreclose and require the trustee to sell the property.
However, consumers should understand that in New York a creditor has six years to sue a debtor to collect on the amount owed. Although a creditor may attempt to sue a debtor after this period of time, the creditor may not be successful.
The statute of limitations in New York is six years for any type of debt. The six-year time period is counted from when a debt repayment became due or when the debtor made the most recent payment, whichever is more recent.
