QUESTION
Can a Bank lose their right to foreclose on a house in NY after 5 years of no payments?
Asked on Feb 11th, 2018 on Foreclosures - New York
More details to this question:
I lost my job in 2013 after a stroke and never got back to making enough money to modify the loan and have made no payments since December 2013. The Bank has not been in touch for years. Do they lose their rights and do I get the house free and clear? I heard this is the case.
1 ANSWER
1 Award
You heard wrong. NY law is that payments must be claimed within six years of default. So, the statute has not run on any of your payments. Unless the loan is accelerated by the bank, making everything due in one payment (at which time the clock starts on that payment), they only lose one monthly payment at a time, starting after six years.
Answered on Feb 15th, 2018 at 11:34 AM