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The Statute of Limitations for a creditor to collect on a written contract in FL is 5 years from the date of default, which is typically 30 days after a payment is missed. Since a promissory note is a written contract, if the lender didn't move to foreclose on it or sue within that time, their action is time barred and they wouldn't be able to collect.
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After the 5 years has passed, the owner can file a "quiet title" lawsuit to have the mortgage extinguished and would then own the property free and clear. Once the mortgage is extinguished, the owner could then sell it and keep any proceeds without having to pay the lender.
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So if the lender doesn't do anything before the SOL runs out, the owner could eventually end up with the property free and clear.
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Thanks.

Barrister

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