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How long after a foreclosure can the lender file a deficiency notice on 2ND mortgage?

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by MGDC, Mar 19, 2010.

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  1. MGDC

    MGDC Law Topic Starter New Member

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    I took a second mortgage on my property in December 1997. Divorce necessitated foreclosure of the property during 2000 (this was not a deed in lieu). In April 2007 the note holder of the 2nd mortgage filed a motion to collect the debt. My last installment payment on this debt was in Jan 2000. In recent court proceedings the lender's attorney argued that the Florida statute limit of 5 years (on an action to foreclose a mortgage) does not "kick in" until the expiration date of the debt (which is Nov 2012). Is this correct?

    I believe that a lender has 10 months to file a deficiency note after a foreclosure. Does this not apply to second mortgages?


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