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

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MGDC

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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?

:eek:
 
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