Home Foreclosures: 12.2.4 Statute of Limitations After the Loan Maturity Date
When a mortgage loan reaches its contractual maturity date, the effect is much like acceleration. Any balance remaining unpaid is due immediately, and the borrower has no contractual right to pay off the debt in installments. If an unpaid balance remains at the scheduled maturity date, the lender must commence foreclosure before the applicable limitation period expires.