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atm corporation · Dec 28, 2006, 01:22 PM

Is there a statute of limitations on a mortgage in Illinois?

giJ · Dec 28, 2006, 04:47 PM

Can you please tell us what you really want to know? This question doesn't make any sense to me, because of what a statute of limitations is, and what a mortgage is. I'm sure there's a story long story, and you were trying to just boil it down, but since you are trying to use legal jargon, I don't believe you boiled it down correctly.

Thank you.

excon · Dec 29, 2006, 06:23 AM

Hello atm:

My guess is you are being sued by a mortgage company, and you want to know if you can get out of the debt because the statute of limitations has passed.

There IS a statute of limitations on civil lawsuits in Illinois. I don't know what it is. A Google search with those terms should give you the answer.

But, in direct answer to your question - NO - there is no statute of limitations on a mortgage (debt)! If you owe it - you owe it FOREVER!

If I borrowed $20 from you. How long before I don't owe you anymore?? Never, dude. Never! There may be a time when you can't sue me for it, but I'll ALWAYS owe it - ALWAYS!

excon

mr.yet · Dec 29, 2006, 06:26 AM

There may be a SOL on mortgages, but that does not release the lien record at the land records office.

Only by paying the mortgage will they release the property.

CaptainForest · Dec 29, 2006, 08:12 PM

While Ontario has a SOL for unsecured debt, such as a credit card, there is not SOL for debt secured with collateral, like a mortgage.

However, even if IL has a SOL on mortgages, that just means they can't sue you NOW for it and foreclose. But once you sell the house, they will get their money, as some of the others have said.