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HOW LONG DOES YOUR MORTGAGE EXIST?
The Florida statute of repose deals with how long a mortgage lien exists. This week we received a release of a mortgage lien that had expired – after we threatened to sue the lender for slander of title.
This is not an isolated situation. The expiration of a mortgage lien happens all the time and typically neither the lender nor the borrower realizes it.
In this case the promissory note and mortgage were signed on July 1, 2007 and the mortgage and note said the loan was due in 1 year, so let’s call it July 1, 2008. The mortgage was on property not owned by the borrower, but by someone willing to use their real estate for collateral for the promissory note. Just a few payments were made and then payments stopped.
In August 2014 the borrower and the lender signed an extension agreement for the note and mortgage. It should be noted that the mortgagor, who was not the borrower, did not sign the extension agreement.
The problem is that the mortgage lien expired by operation of law (not by some device the real estate owner had to affirmatively do). When I say it expired – it ceased to exist.
After the lien ceased to ... more

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