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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 115460
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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What is statute of limitations from maturity date

Customer Question

what is statute of limitations from maturity date for a mortgage.please provide case law.
Submitted: 1 year ago.
Category: Legal
Customer: replied 1 year ago.
in new jersey
Expert:  Asad Rahman replied 1 year ago.
I believe it is 6 years. It is not cited in case law but in actual statute.
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Thank you for asking for me. The previous contributor is NOT ACTUALLY CORRECT.
The statute of limitations for a mortgage is 6 years from the end date of the mortgage OR 20 years from last payment on the mortgage. The NJ Courts have specified an action to foreclose a residential mortgage in New Jersey must be commenced by the earlier of:
“Six years from the date fixed for the making of the last payment or the maturity date set forth in the mortgage or the note … secured by the mortgage;”
“Thirty-six years from the date of recording of the mortgage, or, if the mortgage is not recorded, 36 years from the date of execution, so long as the mortgage itself does not provide for a period of prepayment in excess of 30 years;” or
“Twenty years from the date on which the debtor defaulted…” See: N.J.S.A. § 2A:50-56.1.