Legal Question in Real Estate Law in Florida
We purchased 3 vacant lots in a residential development in a LLC name that were foreclosed on in 2012. All of the members of the LLC are personal guarantors of the loan. No action has been taken by the bank since the foreclosure in 2012. Does the Florida Fair Forclosure Act help us with any possible deficiency action since the Statue of limitations ran out on July 1, 2014 or are we exempt from the law since we purchased these vacant lots in an LLC name?
Asked on 9/03/14, 1:55 pm
1 Answer from Attorneys
Barry Stein
De Cardenas, Freixas, Stein & Zachary
The right to pursue the promissory notes or guarantees is a contract claim with a 5 year statute of limitations from the date the last payment is due. You don't escape responsibility legally.
Answered on 9/03/14, 2:08 pm
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