Legal Question in Real Estate Law in Virginia

We sold our home in 2008 under a short sale, the 2nd came after the fact and wanted a percentage of the balance and said the rest would be charged off. Today, our credit report says charge off of the full amount. It has been almost 2 years, and they have not agreed to the final amount? Is there a statutory time limit for them to make a deal? Is it wise to just leave the charge off the way it is?


Asked on 3/15/10, 4:54 pm

1 Answer from Attorneys
Jonathon Moseley Moseley & Associates Law Firm

Unfortunately, there is not a time limit for them to make a deal that would be commercially reasonable and beneficial for all sides.

This is a proposal that I have made, through several Congressional candidates, that such a time limit be created.

If they try to collect from you, there are lots of things you can do in defense. But until someone actually takes action against you, there is very little you can do to stop them from SAYING that you owe money, true or untrue.

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Answered on 3/21/10, 9:54 am


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