Question: | | In Nov. 1999 I signed a promisary note stating that interest and principle were payable within 30 days of written notice. In June 2006 I signed an acknowledgement letter reconfirming the note signed in 1999. Once per year since 2002 my friend has asked for the money but he agreed that the money due would be extended for another year. When does the statuatary limitations begin in this example? I lost my house to foreclosure in 2001/2002. I understand the 2 year statute of limitations. I have also read that the acknowledgement letter, although signed in june 2006 may be invalid on the basis that the lender has repeatedly extended my payment deadline by one year for at least 2 to 4 times. Also, I have read that the statute of limitations begins with the date of the contract signing since it is a demand loan. What is your perspective ... please!
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