Legal Question in Credit and Debt Law in Kansas

I have a 3rd mortgage from (GMAC) on my home we got behind and where going to sell the house because we could not get the 3rd mortgage co to work with us, we worked things out with the first two mortgage co. so we did not sell then the 3rd mortgage co wrote off our loan it was for $4000.00 that was about 5 to 6 years ago now I have a diff. co. calling me saying that we owe them that money. My question is do we owe them, and can they take any money if we sell the home now?


Asked on 5/14/10, 3:10 pm

1 Answer from Attorneys
Sean Santoro Santoro Law Office

It depends. In Kansas, there is a five year statute of limitations to collect on a debt in writing. However, the statute can be tolled, or stayed, through certain actions. For example, if some payments were made during that period, the statute is tolled. An account can be assigned to another entity for collection, but the statute of limitation still applies. When was the last payment you made on this account? Is this new company a bona fide assignee of the 3rd lender? I need more information to fully answer this question. Feel free to email or call me if you want to discuss this in more detail.

Sean Santoro/Licensed in KS and MO

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Answered on 5/20/10, 7:36 am


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