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2nd lien strip?

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    #1

    2nd lien strip?

    Ok let's say you were discharged, wait 6 years, since the 2nd never attempted to collect you make a motion to void the lien in state court (at least in NY) it would be considered a dead debt or beyond the statutes of limitations??

    Any thoughts
    Last edited by jimbo367; 06-01-2010, 06:27 PM.
    Tags: None
    #2
    Originally posted by jimbo367 View Post
    Ok let's say you were discharged, wait 6 years, since the 2nd never attempted to collect you make a motion to void the lien in state court (at least in NY) it would be considered a dead debt or beyond the statutes of limitations??

    Any thoughts
    The 2nd couldn't attempt to collect because the note was discharged. The lien doesn't go away. SOL doesn't apply to a lien.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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      #3
      Originally posted by newbie2 View Post
      The 2nd couldn't attempt to collect because the note was discharged. The lien doesn't go away. SOL doesn't apply to a lien.
      Concur

      A security interest (lien) does not have a shelf life. It can sit there until you die and would need to be paid at that point.

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        #4
        you could try to settle with them in exchange for releasing the lien however...

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          #5
          Originally posted by Pandora View Post
          you could try to settle with them in exchange for releasing the lien however...
          Which a bunch of us plan on doing (hoping to accomplish).
          Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

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