We’ve Got a Problem: Statute of Limitations on Long-Term Notes (FL)

A Florida Supreme Court justice Thursday issued a nearly five-page opinion to point out “the latest symptom of a more serious problem”—a misunderstanding over when the clock starts in foreclosure litigation with multiple defaults and suits.  The confusion centers on whether the date of each missed payment carries any legal significance when calculating lenders’ deadline to bring suit on mortgages and other long-term debt.  The answer: A missed payment does not start the clock on the five-year deadline. But new rulings show it does give the lender fresh opportunity to sue.    Read the article…………….


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