Legal Question in Credit and Debt Law in Virginia

statute of limitations
Purchased a moblie home in 1987 had a loan on it ,and it was reposessed in 1999. The company sold the home for all but 1200.00 on the loan .. Had no contact with this company for years . Now they are calling and threatening with lein against property etc. The collection agency ,or lawyer,as they state their identity,is giving me 5 days . They say
the limitations is getting ready to expire. But the credit report states that this account is SATISFIED ..The agency says it was a mistake that it is not satisfied . They also say that if the 1200.00 is not paid in 5 days then it will cost $8000.00 , Not sure where this nonsense is coming from . I think they have went back to old files to try to collect,bonus time I suppose. And the time maybe has elapsed and they are harrassing to see what they can collect. Please reply ..
Thanks

Asked on 4/18/02, 7:56 pm

Michael Hendrickson Law Office Michael E. Hendrickson

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0 attorneys agreed

Re: statute of limitations

You need to consult with an attorney who can

examine whatever paperwork you may still have that relates to the matter, including the sale to

determine whether the alleged deficiency

amount is in fact sill legally owed and collectible.

Answered on 4/18/02, 8:15 pm

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