I don't find the statute of limitations to even be internally consistent - a foreclosure action is an action "other than for recovery of real property"? Rather than trying to parse the statutes and review... i'm not sure how much case law... I'll defer to this analysis.
It would thus seem to me that once the five year period set forth in Sec. 95.11(2)(c) expires, the lender cannot use foreclosure to recover the money but will ordinarily still be able to pursue the debt under other theories (such as contract), but the facts can significantly affect when that five year period starts to run.Quoting Florida Foreclosure Defenses - Statute of Limitations