What is the statute of limitations on judgment and home lien?
I recently found a lien placed on my home. After much research I found this original debt was 6K (an old auto loan) from June 1991, the balance is now 20k with accumulated interest. The original bank is no longer in business and has been bought out by numerous banks since. I have found conflicting information with the statue of limitations being 10 or 20 years (because the law changed in 2005). How do I get the lien removed from home if the statute of limitations did pass? Do I still need to settle or should I absolutely refuse to pay? Which type of attorney would specialize in this?
8.01-251. Limitations on enforcement of judgments.
A. No execution shall be issued and no action brought on a judgment, including a judgment in favor of the Commonwealth and a judgment rendered in another state or country, after 20 years from the date of such judgment or domestication of such judgment, unless the period is extended as provided in this section. I suggest that you hire a lawyer to rview the judgment lien that is on your property and detemine whether it is valid. if the lien is not valid, then you may file a application to discharge the lien. Be sure to review the staute on your own as you can locate this by Googling "Statute of Limitations in Virginia".