The maximum length of time in which a lawsuit can be filed is determined by a statute of limitations. For example, the statute of limitations can be used by the defendant to dismiss a lawsuit when a plaintiff files after the deadline has passed. If the defendant can prove that the statute of limitations is applicable, and has in fact passed the deadline, the court will typically dismiss the claim.
In this brief article, we will be exploring the statute of limitations for home equity in the state of Virginia.
What is the Statute of Limitations for Home Equity in
Virginia?
The statute of limitations for home equity in Virginia states the following:
§ 8.01-241. Limitation of enforcement of deeds of trust, mortgages, and liens for unpaid purchase money.
A. No deed of trust or mortgage heretofore or hereafter given to secure the payment of money, and no lien heretofore or hereafter reserved to secure the payment of unpaid purchase money, shall be enforced after 10 years from the time when the original obligation last maturing thereby secured shall have become due and payable according to its terms and without regard to any provision for the acceleration of such date; provided that the period of one year from the death of any party in interest shall be excluded from the computation of time.
B. Notwithstanding the limitations prescribed by subsection A, a deed of trust or mortgage given, and a lien reserved to secure the payment of money, for which the original obligation last maturing thereby secured became due and payable according to its terms between July 1, 1988, and July 1, 2000, without regard to any provision for the acceleration of the date such obligation became due and payable, shall not be enforced after July 1, 2010.
However, the provisions of this subsection shall have no effect on the rights of a person who (i) acquired an interest in the real property securing such deed of trust or mortgage between July 1, 2008, and the date of enactment of this subsection and (ii) would otherwise have priority over or take free of such deed of trust or mortgage under the laws of the Commonwealth at that time.
C. The limitations prescribed by this section may be extended by the recordation of a certificate in the form provided in § 8.01-241.1 prior to the expiration of the limitation period prescribed herein in the clerk’s office in which such lien is recorded and executed either by the party in whom the beneficial title to the property so encumbered is vested at the time of such recordation or by his duly authorized attorney-in-fact, or agent.
Recordation of the certificate shall extend the limitations of the right to enforce the lien for 10 years from the date of the recordation of the certificate. The clerk of the court shall index the certificate in both names in the index of the deed book and give reference to the book and page in which the original writing is recorded.
Unless the deed or deeds executed pursuant to the foreclosure of any mortgage or to the execution of or sale under any deed of trust is recorded in the county or city where the land is situated within one year after the time the right to enforce the mortgage or deed of trust shall have expired as hereinabove provided, such deed or deeds shall be void as to all purchasers for valuable consideration without notice and lien creditors who make any purchase of or acquire any lien on the land conveyed by any such deed prior to the time such deed is so recorded.
Code 1950, § 8-11; 1950, p. 19; 1977, c. 617; 1980, c. 499; 1994, c. 547; 1999, c. 788; 2008, c. 226; 2009, c. 163.
Expire Dates for Home Equity Claims
For statute of limitation purposes, the home equity claims deadline is determined based on the date that the claim is filed. The beginning of the “cause of action” is frequently referred to by courts as the “accrual”; this is the point at which the plaintiff has filed a claim. The statute of limitations may be extended or “tolled” by specific circumstances, thus extending the window for filing a claim.
‘State-by-state’ and ‘federal court to state court’ statutes of limitations can differ. Additionally, they vary based on the type of activity. For example, a lease contract default action, including a claim for warranty or indemnification violation, must be filed within four years after the cause of action accruing. By the terms of the original leasing agreement, the parties may shorten the statute of limitations to at least one year.
Fairfax Mortgage Investments – Contact Us
If you have any questions or concerns regarding the statute of limitations for home equity in the state of Virginia, please don’t hesitate to reach out to our friendly and professional staff today. We are happy to guide you through the process in a timely and seamless manner. We can be reached via telephone at (703) 214-7255, or you can submit a request online: Contact Us Form.
