Welcome! Thank you for your question.
Unfortunately the statute of limitations starts to run upon "breach" of the note contract
. A breach of contract
occurs when payments stop. Essentially this is the moment in which the borrower figuratively says "I am not going to pay again." In enacting a statute of limitations the legislature has said we do not want people to be able to just wait around and sue. The statute is there to require you to enforce your rights to payment within a reasonable time after the borrower breaches the contract. Once the statute passes your rights under the contract become unenforceable.
You are correct that the statute of limitations is 6 years for a breach of contract action in NY.
I cannot provide you with specific legal advise. I can provide you with general information about the law related to your question. My answer, and any information that you can find online, should not take the place of having a detailed consultation with a lawyer in your area to advise you regarding your specific issues.
When you review my initial response, please remember that I cannot guess what information you already know. I am answering the question(s) posed by you based upon my reading of your post and sometimes I can misunderstand or misinterpret your question. If I did not answer the question you thought you were asking, please rephrase your specific question.
Unfortunately, sometimes the law does not support what you would like it to support. I hope you appreciate that I have given you an accurate understanding of the law. I will not just tell you what you want to hear.
Please remember to only rate my answer when you are 100% satisfied. IF you feel the need to click either "Helped a little" or "I expected more", please stop and reply to me via the REPLY TO EXPERT button with the issue you have. I will be happy to continue further and do everything I can to provide you with the service you seek.
Please show your appreciation for my candor by clicking VERY INFORMATIVE, the SMILEY FACE and positive feedback.
There can also be a delay of an hour or more between my responses to your follow up questions because I may be helping other customers or have stepped away.
Finally, I appreciate repeat customers. You can request me by beginning your question with "Dear XXXXX..."