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MikTerry

2006 mortgage application.

3 posts in this topic

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?

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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.

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