GMAC11735

2nd Mortgage Holder seeking payment when first mortgage was settled with Lender

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I tried to short sale my Florida property for over a year and at the last minute the bank decided they would receive more at auction and send my property to foreclosure. I hired an attorney who was able to settle with the 1st mortgage holder with in rem summary judgment.  That was in 2013. I am currently receiving phone calls from second mortgage holder for collections. Why after 3 years are they coming after me for collections? What, if anything can I do? I don't have the property anymore and I don't have the money to pay off the second mortgage.

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38 minutes ago, GMAC11735 said:

Why after 3 years are they coming after me for collections?

Because they probably believe you have funds to pay it now and the SOL is within a year of expiring for them to sue you.

38 minutes ago, GMAC11735 said:

What, if anything can I do?

You can ignore it and hope they do nothing.  You can look at settling.  You can wait for them to sue and file BK if you qualify.  

39 minutes ago, GMAC11735 said:

I don't have the property anymore and I don't have the money to pay off the second mortgage.

They don't care that you no longer have the house.  That doesn't erase the debt obligation on the second.  If you don't have the money and have significant debt you might want to discuss your options with a BK attorney.

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38 minutes ago, Clydesmom said:

Because they probably believe you have funds to pay it now and the SOL is within a year of expiring for them to sue you.

I stopped paying the second mortgage in 2012. Isn't the statute of limitation up already? 3 years is when I got rid of the property but I have been in default of the 2nd mortgage since 2012.  

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47 minutes ago, GMAC11735 said:

I stopped paying the second mortgage in 2012. Isn't the statute of limitation up already? 3 years is when I got rid of the property but I have been in default of the 2nd mortgage since 2012.  

What FL statute provides for a 3 year SOL on mortgages?

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3 minutes ago, shellieh98 said:

mortgage contracts carry a 5 year sol in flordia.  so sometime in 2017 is when the sol is up.

 

Thank you, that clears it up. I thought it was 4yrs. 

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3 hours ago, BV80 said:

What FL statute provides for a 3 year SOL on mortgages?

None.

4 hours ago, GMAC11735 said:

I stopped paying the second mortgage in 2012. Isn't the statute of limitation up already?

No.  The FL SOL on written contracts is 5 years.  If you stopped paying in 2012 then the creditor has until 2017 to sue on this mortgage.

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