The New York Times recently published an article regarding Florida’s 5-year statutory limit, titled, Foreclosure to Home Free, as 5-Year Clock Expires. In the second paragraph, they wrote “Now a legal quirk could bring a surreal ending to her foreclosure case and many others around the country: They may get to keep their homes without ever having to pay another dime.” This statement is misleading and gives Floridian’s false hope.
Articles like this create a notion that we often have to break. Of course, anyone reading this should be aware that the article is being written by an outsider, someone not directly involved with the Florida foreclosure process, and foreclosure law varies greatly from state to state. Also, one state does not hold jurisdiction over another, therefore a decision made in a New Jersey circuit court is irrelevant to Florida law.
There is a lot of debate surrounding the 5-year statutory limit in Florida, it’s something that we keep a close eye on. However, a more popular precedent, which is mentioned near the end of this article, is the theory that the statutory limit resets every time the mortgagee misses a payment. In other words, every month the debtor misses a payment, the statute restarts, creating a never-ending cycle.
When a case is dismissed in favor of the homeowner, it’s a waiting game to see when the lender will refile the law suit. This process alone can be unnerving for homeowners because they feel vulnerable. The course of action we suggest to speak to a foreclosure attorney regarding your options.
If you are facing foreclosure in Miami, don’t face it alone. Our team will assist you in ending the foreclosure on your terms. We provide options that allow you to keep your home, stay in your home while you save money, or give your home back to the bank while protecting your rights and ensuring that they can’t file a suite for the remaining balance.