July 2019 Based on a 2009 default, the prior holder of the loan started a foreclosure action which was eventually dismissed (in 2018) at the request of the bank's attorneys because they couldn't prove that the bank served a required notice. In the interim, the loan had been sold to another company, which began a new foreclosure action in 2018. Unfortunately for the new holder of the loan, the statute of limitations for a mortgage accrues (begins to run) from the date of acceleration of the loan (2009 when the bank filed the first foreclosure action) and expired six years later - in 2015 - so when the new action was filed in 2018, it was untimely. As always, prior results cannot and do not guarantee a similar outcome. |
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