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2006 mortgage application.


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#1 MikTerry

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Posted 16 January 2013 - 01:30 PM

A person applied for a mortgage in Illinois in 2006. It was a "no-doc" mortgage and it was approved.
The person purchased a property, which was subsequently was lost to foreclosure. Some of the information was "mistated" on the application. Now, seven years and much tumult in the mortgage business, the lender is looking into the transaction. If any discrepancies show up, is a cause of action precluded by the statute of limitations?

#2 pg1067

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Posted 16 January 2013 - 04:06 PM

When did the foreclosure occur?

Irrespective of your answer, we won't be able to provide a clear answer because the statute of limitations for fraud typically doesn't start running until the plaintiff discovers facts that would cause a reasonable person to believe the defendant's representation(s) on which the fraud claim is based were false.

#3 Guest_FindLaw_Amir_*

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Posted 17 January 2013 - 10:29 AM

You may want to read the Illinois Civil Statute of Limitations Laws. I also suggest you read the LawBrain: Statue of Limitations article as a good resource to learn more about this subject matter.




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