Monday, April 10, 2017

Expiration Of NYS Statute Of Limitations Sinks Foreclosing Bankster; Couple Score Win In Battle To Wipe Out Their Home Mortgage

In New York City, Reuters reports:
  • A federal judge has granted two New Rochelle, New York homeowners' request to have their mortgage canceled, ending their nearly 10-year battle to keep their house after defaulting on a $544,000 mortgage loan they took out in 2006.

    The decision on Thursday [March 30] by U.S. District Judge Katherine Polk Failla in Manhattan was a defeat for Deutsche Bank National Trust Co, trustee for a trust that owned the mortgage loan, which had argued that the couple was getting a free house on a technicality. Under New York state law, Vito and Marion Costa have a right to the property mortgage-free because a six-year statute of limitations on foreclosing on it had passed, Failla said.
Source: Homeowners mortgage-free after judge finds foreclosure time-barred.

For the court ruling, see Costa v. Deutsche Bank National Trust Co., 15 Civ. 2674 (KPF) (S.D.N.Y. March 30, 2017).

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