We are pleased to share a recent decision of a case handled by Friedman Vartolo, LLP. in U.S. Bank National Association, not in its Individual Capacity, but, solely as Trustee NRZ Pass-Through Trust X vv. Wyndel Williams, Index 608532/2018, Nassau County Supreme (2019) denied the defendant Motion to dismiss the action on the grounds that that the suit was barred by the statute of limitation.
A prior action was filed on October 13, 2009 under Index 020974/2009, in which the Plaintiff brought the foreclosure action based upon a default on the loan payment of May 1, 2009. The defendant argued that the statute of limitations, six years, elapsed since the loan was accelerated by the commencement of the 2009 action. It is well established that a lender may revoke its election to accelerate a mortgage, but, it must do so by an affirmative act of revocation within the six-year statute of limitations. In the case herein, the plaintiff voluntarily discontinued the prior action as it did not have standing at commencement. A stipulation of discontinuance dated February 18, 2013 supported plaintiff’s argument that the prior action lacked standing and met the burden of an affirmative act to revoke the election to accelerate.
A great job by Attorney Zachary Gold of our firm! For more information regarding this case, please contact Deborah Gallo, Director of Operations at [email protected]