Lapsing of the Statute of Limitations in New York Foreclosure Actions

Pursuant to New York’s Civil Practice Law and Rule 231 (4), a lienholder is generally required to bring judicial action on a note secured by a mortgage on real property within six (6) years of acceleration of the mortgage note. This can be accomplished by filing a foreclosure summons and complaint in supreme court or through some clear, overt act accelerating the balance due, s ...Read the full article