How New York Homeowners Are Scoring Free Houses
How New York Homeowners Are Scoring Free Houses During Foreclosure Using New York’s Statute Of Limitations Law
New York homeowners are using a legal tactic to score a free house during foreclosure.
MFI-Miami and our partner law firms used to use a similar tactic in Florida. That was until the Florida Supreme Court stepped in with the Bartram decision. Now we can only argue standing and the validity of the debt.
The good news is that the New York State Courts are allowing homeowners to invoke the statute of limitations. Yes, this is a game changer for New York homeowners.
New York homeowners facing foreclosure are beginning to invoke New York’s six-year statute of limitations law.
The NYS statute of limitations begins when the homeowner receives the original notice of acceleration from their lender. The courts have ruled a lender must also send out a de-acceleration in order to initiate a second foreclosure action.
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