Parties continue to dispute and argue this point, but generally speaking the statute of limitations is measured from the last default. If no acceleration occurs, that could be as late as the maturity date (i.e. final payment due date). If the bank has, in fact, accelerated, all amounts are due immediately and there are no future due dates. So the last possible default is the date of acceleration.
However, if you make any payments after acceleration, this MAY change the story. Of course, the note itself may change the story too, depending on what it says.
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There is case law which provides that it is acceleration which triggers the running of the limitations period. Once the debt is accelerated, there are no more monthly payments - the entire debt is, i. Theory, due and payable, unless reinstated. However, until acceleration, ther is a new default each month, and therefore the limitation Perkins has not commenced. The limitations period normally runs from the maturity date of the mortgage obligation, but the acceleration date has been deemed the equivalent.
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Great question and one that theorists question. However the matter is settled that once you have an acceleration, the note is then matured. You cannot have both a matured note and one that continues to have monthly payments due on an ongoing basis.
Therefore your question is answered as, no there is no subsequent monthly payment due and therefore no subsequent defaults. Both attorneys answered the question correctly.
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