Does a mortgage have a statute of limitations?

UPDATED: Oct 1, 2022

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Does a mortgage have a statute of limitations?

Does a mortgage have a statute of limitations? It’s been 6 years since a Chapter 7 bankruptcy was discharged, and a mortgage though debt was discharged, remains on the books. Is there a time period foreclosure would need to be instituted or is it there forever? There is also a second party that owns a 50 interest. Can the property be sold unencumbered?

Asked on February 11, 2019 under Real Estate Law, Louisiana


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

1) If the debt was discharged, then it is over and done: no one can sue on it or attempt to collect on it. A discharged debt is gone.
2) If a debt was not discharged in bankruptcy, then if it is based on a written agreement (like a mortgage), the creditor (or anyone buying the debt from the creditor) has up to 10 years to sue for the money they are owed. (10 year statute of limitations.) That is 10 years from when the default occured--when the debt was not paid when due.

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