One defense in a foreclosure lawsuit is the lapsing of the statute of limitations. When a bank has waited too long to exercise their rights to sue on a delinquent mortgage, the law says that the “statute of limitations” has run. In other words, the Bank’s time period to sue the borrower has lapsed and consequently the bank can no longer enforce their claim. Sometimes, banks try to enforce their foreclosure rights even if their statute of limitations has run. Therefore, it is important that borrowers understand and bring up the statute of limitations defense when and if the bank eventually brings a foreclosure claim. In other words, the expiration of the statute of limitations is an affirmative defense that can be raised in the Defendant’s Answer.
In this case, however, it is wiser to hire a knowledgeable foreclosure attorney to prepare and argue the statute of limitations defense along with other defenses the borrower may have.
In Florida there is a five-year statute of limitations for a bank to foreclosure on a delinquent mortgage. When the five-year statute of limitations begins is not always so clear. In some cases it begins when the borrower misses a payment. In other cases, the statute of limitations begins to run at some point after the borrower misses a payment. Accordingly, it is important to contact an experienced foreclosure attorney to determine when the statutes of limitations began to run and where in the timeline your particular foreclosure case stands. Failure to do so may lead to a forfeiture of the statute of limitations defense. Moreover, there have been some recent Florida cases that have come out on the issue of the Bank’s right to proceed, even if the statute of limitations has passed, and it takes an attorney to advise you on the law.
Contact the attorneys of The Ticktin Law Group to assist you with foreclosure and/or any other legal issues you may have.