Statute of Limitations in Foreclosure
Sarasota Foreclosure Defense Attorney
A statute of limitations is a set deadline for lawsuits to be filed against
a party or individual that applies to all forms of legal rulings. In terms
of real estate
foreclosures, a creditor only has a specific amount of time to file a foreclosure lawsuit
against you and your debt, or else they can no longer pursue you for money
owed. Even if you admit responsibility for the debt, if the lawsuit is
not filed within the statute of limitations, all money owed is dismissed forever.
The likelihood of a mortgage lender failing to file against you within
the statute of limitations seems slight, but it does happen. Certain lenders
may simply have too much on their plate or other difficult clients that
are occupying their time. If you think the statute of limitations for
your owed mortgage debt has expired and aren’t sure how to prove
it or defend yourself, contact an experienced real estate foreclosure
How long is a mortgage holder’s statute of limitations in Florida?
A mortgage lender has
five (5) years to file a foreclosure lawsuit against you, should you fail to make your
mortgage payments on time. The five years of allotted time begins whenever
you miss a mortgage payment, however, so the window of opportunity for
a lender to file against you can actually be much larger than it seems.
For example, if you missed a payment in January 2012 and another in November
2012, a five year statute of limitation could end at either January or
November 2017, depending on how the mortgage holder wants to process the
case. Additionally, certain processes may temporarily suspend the clock
on a statute of limitation, such as any time during which you are filing
for bankruptcy, effectively extending the allotted time.
There is a
specific ruling in Florida State regarding deficiency judgements that may arise after a foreclosure lawsuit
is processed and closed. Deficiency judgements require the individual
to pay off any remaining differences in the mortgage debt after the home
or property has been sold for foreclosure by the court. In most states,
mortgage lenders also have five years to file for deficiency judgements,
but in Florida, they only have one (1) year to do so, as long as the foreclosure
sale occurred after July 1
This all seems complicated – who can help me with my foreclosure?
To call foreclosing on a home or property a simple process would be untrue.
There are so many regulations and laws in play and any number of parties
involved, it can be impossible for you to make sense of it. If you are
going through a foreclosure, or if you believe a statute of limitations
has expired for your mortgage lenders yet they are still pursuing payment,
an experienced Sarasota foreclosure defense attorney at The Edwards Law
Firm, PL can help you today.
Consultations are available. Call (800) 896-3619 now!