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5-Years Past on a Foreclosure? Homeowners Might get to Keep Homes

A recent report by the New York Times states that thousands of Americans who have not been paying mortgage on their homes for years and still remain in those homes, just might be able to get away with not paying anything for their home again. This is all thanks to statues of limitations on the foreclosure process.

For homeowners who have missed more than 5 years of payments, which are in large number in states such as, New York and Florida, for a lender to seize these homes they need to get foreclosures approved by the court. These numerous foreclosures were said to have taken place during the housing crisis. Due to the statues of limitations on the foreclosure process which lawyers in Florida, and other states with this issue, are auguring that a lender has 5 years to file for foreclosure after a homeowner defaults on their mortgage. After that time passes a lender can no longer foreclose the home.

However, lenders do not agree, and the statue is still in debate.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Work Cited:

Corkery, M. (2015, March 29). Foreclosure to Home Free, as 5-Year Clock Expires. Retrieved April 1, 2015, from http://www.nytimes.com/2015/03/30/business/foreclosure-to-home-free-as-5-year-clock-expires.html?_r=1

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