how late lien on property can be done

December 11th, 2013 by Questions

Hello. I need some help from you to answer my question. My dept to a bank ( its been transferred to collection agency) is probably 8 years old possibly even more . My credit score is good now and no record on credit report. But I am on Title property which I bought with my wife not too long ago. Collection agency did found out about that and they want to put lien on property and also go to court. Can they do that after so many years.? I would love to see your respond. Tnks a lot.

Posted from: Ontario

Questions

One Response to “how late lien on property can be done”



, A licensed trustee said:

There is something in Ontario called the Limitations Act – you might want to read it or consult with a lawyer about it.
Basically, if you have not acknowledged a debt (confirmed you owe the money by say making a payment or speaking with the bank about the debt) in more than 2 years then the debt may no longer be collectable. You really need to speak to a lawyer to get the details of how the Act works.

The problem you may have is if the bank took you to Court years ago then the Limitations Act won’t apply and registering a lien now may be a fairly simple thing for the bank to do.

So, it depends on what that bank has (or hasn’t) already done.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)