A foreclosure action on a $2.5 million home loan has been dismissed by a state judge in New York because the statute of limitations was exceeded by the mortgage lender.
Samuel and Patricia Rudick, who is now deceased, consolidated three notes in 2006 into a $2.47 million mortgage loan that was held by JPMorgan Chase Bank, N.A.
After the borrowers defaulted, Chase started foreclosure proceedings in 2008. But that action was discontinued, and a second foreclosure action was commenced in 2014.
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From:: Financing