NY Times: Foreclosure to Home Free, as 5-Year clock expires posted by REIB2008 on Apr 1, 2015 in Blog | 0 comments There are tens of thousands of homeowners who have missed more than five years of mortgage payments, many of them clustered in states like Florida , New Jersey and New York, where lenders must get judges to sign off on foreclosures.
Florida, where I live, is just one of those states, and the 5-year statute is now in Florida Supreme Court waiting for a decision. This can be good news for borrowers who can get their cases dismissed in state court, once they have passed the 5-year deadline or whatever the deadline is for the state of your subject property, as the deadline varies from state to state.
One response to "The Florida 5-Year Statute of Limitation Foreclosure Rule is Complex". [.] would end up with the home for free if in fact the bank did not rebring the foreclosure or if the five-year statute of limitations has kicked in. In most cases, neither of those events indeed have [.]
New Jersey Revises Statute of Limitations on Foreclosures Finally Some Clarity on the Statute of Limitations for New Jersey Foreclosures. There has been much confusion about the statute. New laws to address New jersey foreclosure crisis governor phil Murphy signed on April 29, 2019 new laws to address New Jersey foreclosure Crisis.
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While every state has its own laws, per the federal trade commission, the "clock" generally starts at the moment you miss a payment and your account becomes delinquent. If the statute of limitations is 3 years and you missed a payment due on May 1, 2013, then by the end of the day on May 1, 2016 that debt will likely be considered "time.
The New York Times recently published an article regarding Florida’s 5-year statutory limit, titled, Foreclosure to Home Free, as 5-Year Clock Expires.