An action to foreclose a mortgage is subject to a six-year statute of limitations, pursuant to CPLR 213[4]. Where the mortgage is payable in installments, there are separate causes of action for each installment accrued, and the limitations period begins to run on the due-date of each installment. The limitations period begins to run on the entire debt when the mortgagee or its predecessor elects to accelerate the mortgage. The notice of acceleration must be clear and unequivocal, and, once the debt is accelerated, the entire amount is due and the limitations period begins to run on the entire debt.
Ditech Fin., LLC v. Reiss, NY Slip Op 06209 (2d Dep't August 21, 2019
Here is the decision.
