Legal Question in Credit and Debt Law in Maine

Deficiencies from repos

What is the statute of limitations on the deficiency from a reposession and what date is used to calculate this? Is it from the date of auction or the last payment made towards it?


Asked on 4/29/03, 2:04 pm

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: Deficiencies from repos

Without obtaining indepth information from you that would exceed the scope of the BBS forum, I cannot answer your question. As you may be aware, there are various Statutes of Limitations in Maine that serve to bar lawsuits that are not filed within a specific period of time after the cause of action arose, ranging from a few months in certain civil matters to 6 years. If your situation is such that it is important to carefully evaluate timeframes because a limitations period may have run, then I recommend that you contact a local attorney for consultation.

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Answered on 5/01/03, 1:45 pm


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