Legal Question in Credit and Debt Law in Pennsylvania
Second Mortgage
We have a second mortgage that we haven't paid anything on since 2003. It is no longer showing on our credit reports. We received a letter from an attorney today informing us that if we don't pay the full amount due in 30 days, they will start the foreclosure process. Do we have absolute defense under the Pennsylvania Statute of Limitations?
Asked on 9/04/08, 5:46 pm
1 Answer from Attorneys
John Gibson
John W. Gibson, Esquire
Re: Second Mortgage
No. They are still able to foreclose because the mortgage gives them an interest in the property. If it were a credit card or an unsecured loan, that would be different.
Answered on 9/05/08, 12:25 pm
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