Satellite Beach, FL asked in Banking for Florida

Q: In 2007 I co-signed on a home improvement loan on which only 2 payments have been paid between 2007 and 2010

After 2010 no payments have been made.Bank documents show in 2012 loan was written off and in 2017 statute of limitations had been reached. Question is can the bank still hold my mortgage?

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1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Business Law Lawyer
  • Tallahassee, FL
  • Licensed in Florida

A: Yes.

As long as the mortgage company still holds the mortgage against the property no one will be able to sell it or transfer ownership until all the liens are paid.

The worst part of this sad situation is that the original amount of the home improvement loan borrowed in 2007 has probably doubled--or even tripled depending on the interest rate--since the home improvement loan was extended.

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