Buying a home with mortgage but is past statute of limitations.

[Eric Renney]

Here is my situation, I did a mail out and got a guy to call me about his home. He is wanting to sell it but the property still has the original mortgage on it. He estimates at about $250,000. The lender started the foreclosure process in 2008 and the homeowner got the case dismissed in 2011 due to the 5 year statute of limitations here in Florida. There is no foreclosure currently being worked. I know if i purchase this home I would be taking ownership of this lien, but my question is: can the original lender then come after me for the loan amount? and if so would I be able to still use the statute of limitations as a reason to not pay it?

I have been reading that if the lender would take a quite claim deed it would get the lien off of the title. How exactly does this process work? and would I be able to do it after purchasing the home?

Lots of questions I know. This is a complicated deal.

Thank you in advance for all your help.

[Wayne Brooks]

I knew this had to be Florida when I saw the post.  Do NOT pass go.  The homeowner did not get the case dismissed "due to the statute of limitations".  It became a popular theory, promoted chiefly by foreclosure defense attorney looking to put more clients on the $500/mo plan, a couple years ago.  I looked at it, decided it was a fool's errand after sitting down with some top foreclosure defense attorneys.  The theory was that "if at any time 5 years after the loan was accelerated" the case was dismissed, or dismissed and not refilled-the lender was barred from foreclosing.  This was further shot down by 5th DCA rulings.  Only people just now hearing about this don't realize it's old news, and doesn't fly.  And of course, many borrowers in default "want to believe" these bogus claims, and can be a bit delusional.  Nothing complicated here, just misunderstanding.  Short sale or eventual foreclosure are the only outcomes here.