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.
Statutes of limitations are laws passed that set the maximum time after an event within which legal proceedings may be initiated
In other words, the time period a Bank has to sue the borrower has expired and consequently, the bank can no longer enforce their foreclosure claim.
Using the Statute of Limitations Defense
Sometimes, banks will 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 if and when the bank eventually brings a foreclosure claim.
A defendant can raise the expiration of the statute of limitations as an affirmative defense in their response to a Foreclosure Summons.
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.
Related – What is a Motion for Summary Judgment?
Statute of Limitations in Florida: Five Years
In Florida, there is a five-year statute of limitations for a bank to foreclosure on a delinquent mortgage. The problem: exactly when that five-year statute of limitations begins is not always so clear.
In some cases, the five-year statute of limitations begins when the borrower misses a payment. However, in other instances, it may begin to run at some point after.
Some recent Florida cases have come out on the issue of the Bank’s right to proceed, even if the statute of limitations has passed. Accordingly, it is important to contact an experienced foreclosure attorney.
Experienced Mortgage Foreclosure Defense
The experienced Mortgage Foreclosure Defense attorneys of The Ticktin Law Group can 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. Contact the attorneys of The Ticktin Law Group by calling (561) 232-2222 or schedule a consultation below.