We are pleased to share a recent decision of a case handled by Friedman Vartolo, LLP. In HSBC Bank, USA, NA. Mihai Margineau, etal 609027/2015, Supreme Court Ct. 10/26/18, Hon. Thomas F. Whelan of Suffolk County, New York denied the defendant’s the motion for summary judgment dismissing the action as barred by the statute of limitations after reviewing several important arguments made by the firm. https://law.justia.com/cases/new-york/other-courts/2018/2018-ny-slip-op-28311.html
The Court held that under the optional acceleration clause, the statute of limitations does not offer a defense to future monthly installment payments that are due and owing, until the entry of the judgment of foreclosure and sale. The Appellate Division has more recently rejected this in Bank of New York Mellon, etc., appellant, v. Alice J. Dieudonne, respondent, et al., defendants., No. 2017-08956, 2019 WL 1141973, at *1 (N.Y. App. Div. Mar. 13, 2019).
Further, the Court held that the complaint was unverified and thus legally insufficient to trigger acceleration of the mortgage and that the complaint was nullified when plaintiff voluntarily discontinued the action. Additionally, the de-acceleration letters were mailed prior the expiration of the six year statute of limitations and effectively revoked any claimed acceleration.
A great job by Zachary Gold, Esq. of our firm! For more information regarding this case, please contact: Deborah Gallo, Director of Operations at [email protected]