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Can You Beat Your Foreclosure With The Statute of Limitations?

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This is when we remind you of the often incredible length of the foreclosure process in New York. To best understand the role the statute of limitations can play in foreclosure cases, we will examine some cases in which it was successfully asserted in New York courts either as a defense or as an affirmative claim.

Bank of America foreclosed on CASH buyer A foreclosure occurs when a property owner cannot make principal and/or interest payments on a loan. The property then goes through the foreclosure process and is placed for sale by auction. If the opening bid is not met, the property becomes a REO or real estate owned.

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If you have a home that is under threat of foreclosure, consult with an experienced bankruptcy attorney and consider your options. In some cases, a statute of limitations defense may save your home from foreclosure.

When you go to see an attorney for the first time, one of the most important things you can discuss (if potential litigation is involved) is the applicable statute of limitations. Also known as limitations on actions, these statutes of limitations set the maximum time after an event that legal proceedings based on that event may be initiated.

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If you believe an action for foreclosure is "time barred," that is, filed after the statute of limitations has expired, you should contact a foreclosure attorney immediately, as it is possible to waive your defense under the statute of limitations if it is not raised in the early stages of litigation.

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