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Statute of Limitations in Alberta

I heard that CMHC is usually sleeping at the wheel when it comes to collection after a bank makes a claim on a default mortgage and foreclosed home. If CMHC does not take action within the 2 years (in Alberta) to collect, is it correct that there cannot be and further proceedings? Where does day 1 of the 2 years period start? Does `action` include all types of contact (phone calls, letters) or only in case of being sued? I read people using the statute of limitations as a defense by just dodging and hiding from any contact from collectors and hoping to get away free.

Posted from: Alberta

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One Response to “Statute of Limitations in Alberta”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You would need to consult with a lawyer to get many of the details of the Statutes of Limitations legislation, but I don’t don’t know if I agree with your assessment of CMHC. They may be slower to act than many creditors, but the typically take enough action to preserve their rights. Quite frankly, most creditors are savvy enough to know what has to be doen to preserve their collection rights, which is very easy to do, and as a result those that try to hide from the debt simply end up paying eventually. I have seen many situations where people have attempted to dodge things for many years, just to have to inevitably have to deal with the situation at some point and the problem that exists is that they have spent so long hiding that they have prolonged everything for not benefit.