There will be no “free houses” for Floridians who have defaulted on their mortgages but continue to live in their homes without paying. In a major opinion, the Florida Supreme Court has ruled that lenders can resume foreclosing at any time, even if they have taken no action in years. Previously, they had to act within five years of when the borrower first defaulted.
While a boon for banks, the ruling is a blow to thousands of delinquent borrowers who hoped that their cases would be permanently dismissed and that the banks could no longer collect on the outstanding mortgage debt.
via High court ruling means no more ‘free houses’ for Florida homeowners in foreclosure.