Posted by John Merchant on December 22, 2009 at 10:51:17:
In Reply to: 1st deed of trust gone bad. posted by josh E on December 21, 2009 at 23:04:16:
You have the right (it sounds like) to sue that debtor and take a GA judgment against him*, without doing anything on the DOT or taking the property.
Do you know what GA SOL (statute of limitations) is on written contract? Don't let time run on your right to take a J. A Google check on that would get you a fast answer. In most states it's 3 years or longer so you need to find out now.
That J would then stay on his credit record until he paid it or discharged it in bankruptcy filing so it'd maybe be better than doing nothing.
Of course you now know you should have checked more before buying this turkey DOT so you're certainly wiser now and no lecture's necessary.
We've all made mistakes and that's how experience is gained.
As they say, "No pain, no gain" and you've got a golden example of it right here.
*You can telephone shop what cheapest lawyer fee would be to sue Debtor and take J...my guess is some young and hungry GA lawyer would probably do it for you for $500 plus your paying court costs. You could shop those lawyers who're advertising in GA Newspapers and Yellow Pages and do all this online.
- Re: Take J and move on Dan 00:54:02 01/15/10 (0)