Foreclosure Complainant Wins Against Wells Fargo

by San Antonio Attorney

Florida Homeowners have succeeded in obtaining a judgment in favor of Wells Fargo facing dismissal.  This verdict provides them the opportunity to reverse a foreclosure previously decided in favor of the bank.

The case has reached the Fifth District Court of Appeals in the State of Florida.

The issue focused on the statute of limitations, which the Fifth District holding the bank’s foreclosure claim was ‘time-barred’ by Florida.

This was done accordingly by its five-year statute of limitations for foreclosure filings.

The homeowners claimed that the issue began when the initial default happened on June 1, 2006, according to the petition aimed for reversal of the prior decision.

Wells Fargo, the current note holder, sent a notice to accelerate to borrowers in 2011.

The action for second foreclosure did not happen until 2013.  This is approximately seven years passed the original date.

The borrowers were approved by appellate court through the ‘time-barred’ action towards the foreclosure move by Wells Fargo in 2013.

However, the bank is not entirely barred from pursuing new foreclosure claims covering within the statute of limitations period, as stated by the court.

“Despite the previous acceleration of the balance owed in both the instant suit and prior suit, Bank is not precluded from filing a new foreclosure action based on different acts or dates of default not previously alleged, provided that the subsequent foreclosure action on the subsequent defaults is brought within the statute of limitations period,” a representative from the Fifth District Court of Appeals stated.

The statute of limitations of Florida has the characteristic of being sensitive and the acceleration actions will not thrive without a timely foreclosure action.  The main advantage is that not all will be lost should a bank fail to file accordingly, given that they have a valid claim.

 

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