I have a single family residential house in Florida that is an investment property. It has only one mortgage, which is a home equity line of credit with a balance of about $65,000.
The lender (a LARGE bank) has not sent a statement for more than five (5) years. This is a default on the loan agreement which states that a statement will be sent each month when there is a balance greater than $1.00. Additionally, the statute of limitations for a written contract is five (5) years in Florida.
There is no legal action at this time and none has ever been started. I HAVE NOT made a payment in over sixty (60) months. I’m looking at these facts: 1. Lender has violated terms of agreement/contract 2. Lender has defaulted over sixty (60) times (each month not sending a statement is a default as I read the related statutes) 3. Lender has exceeded the allot time period (five years for a written contract) to ask for payment of any kind.
Do I have a legal basis to demand a release of lien and satisfaction of mortgage? If so, how do I provide proof that no statement has been sent in over five (5) years?
Your comments are appreciated. Thanks!