DEBTOR AVOIDS PAYING MORTGAGE BECAUSE OF LENDER’S DELAY IN PURSUING FORECLOSURE

debtor

When a debtor defaults on a mortgage, the lender must commence an action for foreclosure within the statute of limitations. In New York, the statute of limitations is six years and it starts running upon the acceleration of the debt following a default in payment. Essentially, when a debtor defaults, the lender “accelerates” the mortgage … Read more