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