Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship.
I am not aware of any provision of Florida law which would allow this to occur.
There is a provision of Florida law which requires that should a lender foreclose on a property and the foreclosure price is less than the price of the mortgage, they have five (5) years in which to pursue what is called a mortgage deficiency claim against the original property owner (the amount collected at foreclosure was less than what was owed under the mortgage).
However, that does not appear to be the main thrust of your question.
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Don't confuse the note (your promise to pay) with the mortgage (lien on the property).
Just because a lender does not pursue for payment means they have to release the lien.
A lien for a mortgage is valid for five years after the date of maturity of the mortgage.
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This is an area of the law that has caused an immense amount of confusion as well as more than its fair share of hearsay and rumor. Under Florida law, there is a five year statute of limitations to foreclose on a mortgage. That five year period normally begins to run when the mortgagee (the bank) “accelerates” the mortgage pursuant to the acceleration clause. With the acceleration clause, the bank is demanding that you pay the outstanding balance owed on your mortgage debt and not just the few months you are in default.
Beware, this does not mean that you can just simply wait for five years after non-payment to get a free house. This means that the bank has five years to file suit against you. Also, there is case law regarding an “optional acceleration.” This type of clause is not very common, but when it exists the mortgagee has an option to accelerate, so the statute of limitations may not even begin to run until months or even years after default when the mortgagee exercises the option to accelerate or otherwise makes a demand for payment. Some courts have also held that a statute of limitations (which bars the filing of a lawsuit) is different from a statute of repose (which determines how long a lien or judgment can attach to real estate). Therefore, even if you were past the statute of limitations and the mortgagee was barred from foreclosure, the mortgage lien could, at least in theory, remain on the property for as long as 20 years, so that if you sold the house, the mortgage would still need to be satisfied (ie. paid off).
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