Legal Question in Real Estate Law in Florida

I have an interesting issue that needs to be settled regarding a lien on my property. In August 1995, I received a 30 year mortgage and simultaneously a 10 year home equity loan. The bank issuing both loans sold/transferred them in 1998, each to a separate bank. The mortgage is current. However, in late 1998, I defaulted on the home equity loan. Since that time, I have never been contacted by this second bank, who has since departed Florida, selling their portfolio to yet a third bank. During this transition it was reported that several million dollars in bad mortgage loans was written off. This third bank has also never contacted me. I researched the Florida Statutes 95.281 and it appears that the lien can be removed. Please help.


Asked on 11/04/10, 12:26 pm

1 Answer from Attorneys
Richard Kaplan

The Statute of Limitations on a mortgage is 5 years from maturity or from default, whichever is first. The problem is proving a default for 5 years. From maturity is easy if the terms of the note are recorded.

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Answered on 11/09/10, 5:17 pm


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