![]() ![]() Subsequently, by filing a summons and complaint, both dated September 14, 1992, Dime commenced a foreclosure action. Thereafter, when the Patellas allegedly defaulted, Dime indicated that it was exercising its option to call in the mortgage and demanded payment of the entire mortgage debt by letter to them dated August 20, 1992. Patella, Jr., and Christine Patella (hereinafter the Patellas) and the mortgagee Dime Savings Bank of New York, FSB (hereinafter Dime) provided that the payment of the mortgage debt could be accelerated on default at Dime's option. The original consolidated note and mortgage between the defendant mortgagors Thomas J.Consequently, this foreclosure action is time-barred (see, CPLR 213). Although a lender may revoke its election to accelerate the mortgage, the dismissal of the prior foreclosure action by the court did not constitute an affirmative act by the lender revoking its election to accelerate, and the record is barren of any affirmative act of revocation occurring during the six-year Statute of Limitations period subsequent to the initiation of the prior action (see, Federal Natl. Accordingly, at that point in time, the entire mortgage debt became due, and the Statute of Limitations began to run. In this case, it is undisputed that in 1992 Dime notified the Patellas that their mortgage debt was being accelerated.Mebane ( 208 A.D.2d 892), once a mortgage debt is accelerated, "the borrowers ' right and obligation to make monthly installments ceased and all sums immediately due and payable", and the six-year Statute of Limitations begins to run on the entire mortgage debt (Federal Natl. The law is well settled that, even if a mortgage is payable in installments, once a mortgage debt is accelerated, the entire amount is due and the Statute of Limitations begins to run on the entire debt (see, Rols Capital Co. ![]()
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