Staten Island, NY asked in Real Estate Law for New York

Q: Florida foreclosure and property lien??

Trying to make this simple... I live in NY a neighbor of mine needed a loan of 25k... And agreed if i give him the loan it would be as a mortgage on 2 pieces of property he owns in FLA which we did the legal way recorded against the properties in FLA citrus county...This was in 2011 and on loan agreements was a balloon payment due a year later in 2012... Well my neighbor and friend fell on hard times and never repaid the loans and i was okay with it because they were liens on is property i thought i was protected.. Well fast forward to 2016 and my buddy dies we were like family .... Now goes thru probate his sister inherits all he has and now wants to sell these properties but the liens come up so she calls me and asks me for releases for these loans because she believes he paid them which he never did...Now im told from a letter from her attorney because its over 5 yrs whether i was paid or not i abandoned my rite to payment under florida law... Is this the case??? Thanks

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2 Lawyer Answers
George E. Patsis
George E. Patsis
PREMIUM
Answered
  • Lindenhurst, NY
  • Licensed in New York

A: Without further information regarding the legal contents of the note it is difficult to say whether New York or Florida law would apply. There may be a choice of law provision in the note. You should consult with an attorney in New York and Florida.

In New York, the statute of limitations for the collection of a debt is six years from the date the debt became due. "The statute of limitations in a mortgage foreclosure action begins to run from the due date for each unpaid installment, or from the time the mortgagee is entitled to demand full payment, or from the date the mortgage debt has been accelerated." Plaia v Safonte, 45 AD3d 747, 748 (2d Dept 2007).

Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: You need to call an FL lawyer. It depends on the statute of limitations in FL. If this were in NY, before you respond, there is a better way to do it so as not to create a defense on the other side.

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