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Re: Complicated repo question! whychat, lady, scott..anyone!
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Posted by patti (198.81.26.170) on February 18, 2003 at 13:14:27:
In Reply to: Complicated repo question! whychat, lady, scott..anyone! posted by nc on February 18, 2003 at 12:04:38:
You are correct, there is a 2 year period to collect on deficit after repo. I feel sure the SOL defense would cover you should anything come up. The CRA's should delete the bankruptcy notation since they are reporting innacurate info.
The only way to collect on the deficit prior to the 2 year period is if the repo was done in accordance with state law, with full documentation of the repo, full accounting of the resale. I don't think you have anything to worry about.
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