Received check from "Mr. Copper" from an old loan (foreclosure - 6+ years old, FL)

[Taxing Matters]

Thank your for your very thorough and informative answer. Yes, it is my understanding that the SOL for mortgages in Florida is 5 years; and it has been past 5 years since my foreclosure (6+ years plus longer if we considered the last payment/activity on the mortgage). But I also realize that I should always be vigilant that the lender or anyone that buys the loan does not try to sue me. I do have a question for you or anyone else regarding that possibility:

(1) It is my understanding that I must be served for any civil suit / claim that may come. Is this correct?

Yes you must be served. Service would generally be made by serving you personally, leaving the summons and complaint with a person age 15 or older at your home, or leaving it with the person in charge of a sole proprietorship business you operate, or some instances leaving it with your spouse at some location other than your home. See Florida statute § 48.031(1) & (2). However, there are circumstances in which the plaintiff may be able to do service by publication, which you might never see. Florida statute § 49.011. If you are easily found and not ducking service then this should not be problem.

You could check the courthouse for the county where you live or where you have lived in the past or transacted business to see if lawsuits have been filed against you but that's likely not a productive use of your time unless you have reason to believe that a lawsuit was actually filed against you. If service was made by publication and you didn't learn of the lawsuit, chances are that a judgment by default would be entered against you. Credit bureaus search for those judgments and record them on your credit record. So if you periodically get a copy of your credit report, you should see any judgments there and that would then tell you that you have something to investigate and where to look. It's a good idea to review your credit report every year anyway, and federal law allows you to get one free credit report a year.

(2) God forbid, I hope they do not attempt to file a claim even though it is clearly past the SOL, but, if they do, what specific specialized Attorney should I look to hire?

Depends on what the claim is. But for most lawsuits that involve either personal injury or breach of contract claims, just look for civil litigation attorneys who represent defendants.

 

[Taxing Matters]

No. I believe Taxing Matters explained why that is the case.

That is why it can be important to hang onto all money from a cashed check until the bank giving you the cash has received payment from the check-issuer.

I addressed the case where the payment is made by the bank on which the check was drawn. If you take the check to some other bank for payment, then the payment you get is not a final payment until that bank indicates it is final, and in that case your caution above is particularly important because the bank you present the check to can come after you if the payor bank (the bank on which the check is drawn) fails to pay for any reason.

 

[quincy]

Wow, thank you SO MUCH for all that extremely valuable information... I never knew. This forum is GREAT -- such a high knowledge base.

So, besides the obvious making copies of all paperwork, checks, how long should I hold on to the cashed-in-check money until I can feel safe and not liable? 15 days, 30, more?

Also, the last time I cashed a check was like 7 years ago and I remember having my thumbprint taken and copy of Driver's License (I was not a member of that bank and neither of Chase, currently). Does ANY of this information go to the Issuer of the Check (Nationstar Mortgage)? Should this be a concern?

Thank you.

If you are known at a bank, a signature and ID is generally all that is required. I can’t remember the last time that anyplace asked me for my fingerprint. I think fingerprints were most often taken by smaller stores hoping to prevent ne’er-do-wells from paying with bad checks. Sort of like “Beware of Dog” signs posted when you have no dog.

You can ask your bank how long it takes for them to verify a check. The range varies widely. I would give it at a minimum 10 days.

Some banks, by the way, will not even let you cash a really large check on the day it is presented, depending on your relationship with the bank and your current account balance and past banking history.

 

[Zigner]

If you are known at a bank, a signature and ID is generally all that is required. I can’t remember the last time that anyplace asked me for my fingerprint. I think fingerprints were most often taken by smaller stores hoping to prevent ne’er-do-wells from paying with bad checks. Sort of like “Beware of Dog” signs posted when you have no dog.

You can ask your bank how long it takes for them to verify a check. The range varies widely. I would give it at a minimum 10 days.

Some banks, by the way, will not even let you cash a really large check on the day it is presented, depending on your relationship with the bank and your current account balance and past banking history.

When I last cashed a check at my bank (Citibank) (about 2 years ago now) I was asked to insert my ATM card in their reader (at the teller) and enter my PIN. That's they way they ID you now if you're a customer.

 

[quincy]

When I last cashed a check at my bank (Citibank) (about 2 years ago now) I was asked to insert my ATM card in their reader (at the teller) and enter my PIN. That's they way they ID you now if you're a customer.

The bank branch I frequent has an ATM for deposits that requires my bank card and pin. But I usually deposit checks remotely when I get them. I can’t remember actually when I last interacted with a teller for anything.