I was asked by a prominent attorney to speak with
a first year attorney regarding a landlord/tenant dispute. We spoke at length. At the end of the conversation the attorney
asked if she could ask me a question about foreclosures. Certainly.
She wanted to know what I thought about new law that extends
the statute of limitations from the date of the last installment payment. I told her that has always been the case with
other installment debt, like credit cards.
For example, let’s say the cardholder stops paying in 2003. The statute of limitations ran in 2008. In 2010 the bank sells that debt, which has
technically expired, for pennies on the dollar.
A collection agency convinces the debtor to resume payments, like magic,
the debt is revived. The borrower, once
again, owes the entire balance.
What do I think of that?
The new attorney asks indignantly.
I explain the laws of this country protect borrowers over
lenders. It is political.
Do I think it’s fair?
She asks.
I don’t have a strong opinion on it. It just is.
I can’t escalate myself to a point of indignation on that issue. Want to hear me get indignant? Ask me what I think about moving children
back and forth between different households like a volleyball.
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