Foreclosure Dismissed for Violation of Statute of Limitations

Foreclosure Dismissed

A family in Mastic, New York has had a foreclosure case dismissed against them for violation by the bank of New York’s six year statute of limitations deadline to file a foreclosure lawsuit. The decision in this case allowed the homeowners to eliminate their mortgage and own their home free and clear.

In the case brought by US Bank National Association, Judge William Rebolini, sitting in the Supreme Court Foreclosure Part in Riverhead, NY, which is located in Suffolk County, stated “the bank’s lawsuits was ‘untimely’.”

The Case

Randy Richmond had co-owned a three bedroom home since 2003. In May 2006, she and another family member refinanced the home and borrowed $250,000. The funds were used on repairs to the home. Due to a family member leaving the home and having two difficult surgeries, Ms. Richmond was unable to make her mortgage payments starting in October 2006. She applied for loan modifications with her two daughters but the lender kept selling the mortgage to other institutions where she was continually turned down for mortgage modifications. Ms. Richmond stated, “it was a run around with every single one of the banks.”

Mortgage Declared Due (Accelerated)

In March 2007, the financial institution holding the mortgage declared the entire mortgage balance due. This started the clock running on New York’s six year statute of limitations.

Case Dismissed

In January 2013, Judge Rebolini dismissed the case after the bank claimed it could not comply with New York’s more stringent court foreclosures rules imposed on financial institutions. Now that the foreclosure lawsuit has been dismissed, the homeowner can bring a lawsuit to have the mortgage lien removed from the title to their property because it is unenforceable.

Dismissing of Foreclosures

The number of foreclosure lawsuits being dismissed in New York under statute of limitations and other grounds is growing. Consumers and their attorneys are becoming more educated and sophisticated as to the techniques involved in successfully defending foreclosure lawsuits.

Mortgage Modifications

If banks seek to avoid having their cases dismissed by sophisticated foreclosure defense lawyers, there is one technique they can use which is often successful. They can simply offer the beleaguered homeowners reasonable, cost efficient, mortgage modifications!

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