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As a result, the entire indebtedness becomes time barred six (6) years after the loan was accelerated.

Once accelerated, there no longer are any multiple payments that become due in the future, but rather, the total indebtedness become s immediately due and payable.

Upon the Borrower’s default, however, a lender may accelerate the debt and declare all remaining payments to be immediately due and payable. Note that each individual payment due constitutes a separate “cause of action”, and, consequently, each payment becomes “time barred” six (6) years after its due date. Since a mortgage is considered to be a “contract”, foreclosure actions must be commenced within six (6) years. New York’s CPLR §213 provides for a six (6) year Statute of Limitations for the enforcement of contracts.