New York  |  Real Estate Law

Legal Question

Asked on: 9/21/13, 10:30 am

If you win a foreclosure defense case against the lender and the suit is dismissed permanently, does the mortgage debt and lien just disappear?

I believe I might be able to win, and I know I won't have to leave if the foreclosure is dismissed (because they lost the note and admit it), but will the debt be erased too? can I see my home or even take a new mortgage out since the old debt/lien are erased?

1 Answer

Answered on: 9/21/13, 11:23 am by Raymond David Marquez

To discharge the mortgage and cancel it, you must bring a Quiet Title action after the statue of limitations has accrued for the commencement of a foreclosure case. RPAPL Article 15 allows for a mortgage to be discharged once the applicable statute of limitation has run as long as the owner of the property is still in possession of the property. It matters not that the mortgage was obtained to pay a part pf the purchase price for the property or whether, or not, the mortgage has been paid or not. I trust this answers your question.

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R. David Marquez, P.C. 50 Clinton Street, Suite 214 Hempstead, NY 11550

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