I defaulted on a federally backed (FHA) loan in 1997. The house was sold and I assumed the bank got their money. A collection agency called today on behalf of the USDA, and told me that I owed the difference from the sale plus interest. This is the first that I heard of this in almost ten years, and I figured that if I owed the govt, they would have tracked me through my tax returns and contacted me directly if some sort of limitation has not expired...
What is the statute of limitations on a federally backed home loan?
There is no statue of limitations on a default payment issued by the government . You defaulted and now you are going to get whacked with fees , interest , and the difference in what your house was sold for . Ouch . Will e-mail you some K-Y jelly cause they will come after you and burn you for the whole thing . Your credit report has got to be hurting too .
What is the statute of limitations on a federally backed home loan?
Not sure read smoe tips on loans on this site
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