is there a statute of limitations on the 2nd mortgage if i foreclosed on my house in florida in 2009 I have not paid the 2nd mortgage since 2008 i have recieved a letter about payment. I thought and was told that the 2nd mortgage goes with the foreclosure. by joycem_706_967 from Winter Haven, Florida. Sep 13th 2012
There is no statute of limitations on debt...you signed the note you owe the money, to both, for as long as they as the mortgagor decides to pursue it. Foreclosure is simply the legal process by which the lender repossessed the asset, it does not absolve you of the debt because there is still a deficiency between what you owed them and what they were able to recover through resale. You should consult an atty for state specific advice.
This would require a legal opinion and we are not attorneys. I would suggest that you contact an attorney in these regards to obtain a legal opinion. My personal opinion is that it would depend on the type of 2nd mortgage, HELOC which is a revolving line of credit or a installment loan. If it's a HELOC my personal understanding is that in Florida the SOL is 5 years. However, if it's a installment 2nd then that's a different SOL issue and also depends on if and when the lender accelerated the note.
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