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Real Property Law
Statute of Limitations Does Not Bar Foreclosure
U.S. Bank, National Association v. Greenberg NYLJ 3/29/19, p. 32, col. 6 AppDiv, Second Dept. (memorandum opinion)
In an action to foreclose a mortgage, mortgagors appealed from Supreme Court's denial of their motion to dismiss the complaint, and from a judgment of foreclosure. The Appellate Division affirmed, holding that the statute of limitations did not bar the foreclosure action.
Mortgagors executed a note for $1,200,000 in 2005, secured by residential real property. They defaulted in March 2009, and the loan servicer sent them a letter indicating that if they failed to cure the default by April 23, 2009, “the mortgage payments will be accelerated with the full amount remaining accelerated and becoming due and payable in full, and foreclosure proceedings will be initiated at that time.” Current mortgagee, as successor in interest, brought a foreclosure action more than a year later, on May 10, 2010. That action was dismissed in 2014. Mortgagee then brought the current foreclosure action on March 2, 2016. Mortgagors moved to dismiss the action as time-barred, arguing that the mortgage note had been accelerated in April 2009, more than six years before mortgagee brought the current foreclosure action. Supreme Court denied the motion and awarded mortgagee a judgment of foreclosure. Mortgagors appealed.
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