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And what proportion of US bank assets include home loans that can't be foreclosed on?

There's a similar law for debt in the UK. The time limit is six years. If the debt isn't acknowledged legally in that time, it slides off the credit record and is considered "statute barred" - i.e. it still exists, but no collection action can be taken.

This doesn't stop some collectors from trying to collect on it anyway, because - of course - most people don't know the law, and many are honest enough to believe that debts should be paid for moral reasons.

I don't know this if this applies to mortgages too - but it would be exceptionally unlikely for a UK lender to ignore mortgage arrears for more than six years.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Apr 2nd, 2015 at 08:52:50 AM EST
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