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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36971
Experience:  16 years real estate, Realtor. Landlord 26 years
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If a lienholder on a property has not tried to collect a payment

Customer Question

If a lienholder on a property has not tried to collect a payment or anything in 5 years or more, is the debt considered cancelled?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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Can you tell me what state this is in?
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What is the debt that the lien is securing?
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thanks
Barrister
Customer: replied 2 years ago.
The double wide manufactured home (with land owned) real property is located in a park in Micco, Florida 32976
Customer: replied 2 years ago.
Mortgage on the property
Expert:  Barrister replied 2 years ago.
Ok, the statute of limitations on a debt like this in FL is 5 years with regard to the personal liability of the borrower to have to repay. So if the borrower hasn't made a payment in over 5 years, then the creditor can't come after them personally to recover the debt.
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However, that doesn't mean that they get the mobile home and land free because the statute of limitations for the mortgage and Note is 5 years after the Note comes due. So if the Note was a ten year note, the lender could sue to foreclose up to 5 more years after the final payment was due for a total of 15 years from the time the loan was made.
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thanks
Barrister