Lexology & HOME EQUITY THEFT REPORTER–
The Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida recently dismissed a second foreclosure complaint, filed more than five years after the initial complaint and alleging the same incident of default, as barred by the statute of limitations.
In so ruling, the Court also held that the borrower’s daughter and sole beneficiary to the property encumbered by a reverse mortgage had standing to assert the statute of limitations defense.
A copy of the opinion in Reverse Mortgage Solutions, Inc. v. Estate of Ruby Hayes is available at: Link to Opinion.
In October 2007, a borrower entered into a “home equity conversion mortgage,” commonly known as a “reverse mortgage.” After the borrower died in May 2008, 100 percent of her homestead property was devised to her daughter. The then-mortgagee sued to foreclose in July 2009, alleging that the borrower’s 2008 death triggered the acceleration clause in the mortgage. The 2009 foreclosure complaint was dismissed in 2013.
[LEXOLOGY]
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