Statue of Limitations: South Florida Homeowner Wins Multi-Million Dollar Foreclosure Suit After Legal Misstep

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Boca Raton homeowner wins multi-million dollar foreclosure suit after legal misstep

A Boca Raton homeowner whose waterfront mansion has been in foreclosure since 2008 had her case voluntarily dismissed by her lender Thursday in Palm Beach County court after a legal misstep during trial.

Because the case is so old, homeowner attorney Roy Oppenheim said the bank may run into trouble trying to refile it. There is a 5-year statute of limitations on foreclosures.

Homeowner Valerie Kaan bought the 13,000-square-foot home in 2003 for $8.4 million. Her loan was for $6.8 million from Washington Mutual Bank, which was later purchased by JP Morgan Chase. The outstanding balance as of Thursday was up to about $10 million with late fees, taxes and insurance, Oppenheim said.

“I always tell my clients that a good settlement is usually in everyone’s best interest but in this case, for some reason, the bank did not recognize their own foibles,” Oppenheim said. “Maybe this will send a message to banks that when people come to the table in good faith with a reasonable offer, they should more seriously consider it.”

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Comments
One Response to “Statue of Limitations: South Florida Homeowner Wins Multi-Million Dollar Foreclosure Suit After Legal Misstep”
  1. J. Alonzo says:

    Its happens every once and a while. These mills get away with so much fraud that they rubber stamp everything along while corrupt judges just give any bank who claims to own the home, just so the home owner gets out and the case moves along. I MEAN WHO CARES ABOUT OUR LAWS? In the this case the home owner lawyered up and got lucky. I say GREAT!

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