If payments haven't been made on a home equity loan in over 6 years, and the lender hasn't filed for foreclosure yet, are they now time-barred from filing suit? (No acceleration letters sent either.)
I'm familiar with Khoury v. Alger and other cases, where they discuss statute of limitations (SOL) applying to payments that were due within the past six years, etc. And I understand that filing suit accelerates the debt, which starts the SOL clock.
But if the lender never accelerates the debt by filing suit, does the six year SOL start running from the date of default? Or when they file suit?
It seems like the SOL on credit card debt starts when there's a default on the last payment. Wouldn't the same apply to home equity loans? (If not, why not?)