In an exclusive interview, Roy Oppenheim, real estate defense attorney explains the complicated issues surrounding the 5-year-statute-of-limitations in foreclosure cases; for many, a housing dilemma that has become the focus of the entire country.
More than five years after Florida courts were inundated with foreclosure cases, some of those sued have found a way to stay in their homes without paying their mortgages, thanks to a law called the statute of limitations.
Some Florida courts have ruled lenders cannot bring foreclosures if certain criteria are met: the lender must have already filed for foreclosure, demanded payment of all the money borrowed, and lost its foreclosure case. Then, if it failed to file another action within five years of the first lawsuit, the lender can no longer foreclose and evict the residents, some courts have ruled. Continue reading
The Truth in Lending Act (TILA) gives home loan borrowers a three-day right to rescind, or cancel, a loan transaction. For these first three days, this right is unconditional, without any caveats. After the three days run out, there is a catch; the borrower has the right to rescind only if the lender has failed to satisfy TILA’s disclosure requirements. Even if the required disclosures are never made, the right of rescission will expire after three years; thus, straying from the pack.