Real Estate Law
Ask a Real Estate Law Question, Get an Answer ASAP!
Dear Customer, thank you for choosing Just Answer, I would like to assist you today.
You may assume the risk of moving in and taking on the duties of a landowner, including paying taxes and other assessments on behalf of the lender. The hope would be that the lender does not appear and you may claim the property through adverse possession.
Unfortunately, the statue of limitations in NH for adverse possession is 20 years do your risk is significant.
Would it be the right thing to do putting a lein on the place to protect my investment on upgradeing the place.
If you would like a more detailed investigation into the title on this property I would suggest a title insurance company or escrow company to do a full title report.
So not a good idea to jump into this place. The town would look for the deed in 2014 they said.
Unfortunately, you are running the risk of doing all of this as a gratuity. You would be trespassing on another's land and you are not entitled to compensation by law, however in rare circumstances you may've able to get a court to award you equitable damages for "unjust enrichment"
Cannot advise you once way or the other, but these are risky transactions.
You can still follow up on a full title report off you want to pursue taking ownership traditionally. The property still belongs to someone.
Should I wait for the town to find out who ownes the property.
You can, but you can also be more proactive and search out the lender. Even if the lender went under, it almost certainly had creditors that now hold Ann interest in the property. You can usually purchase this information for a nominal fee, but make sure to use s reliable source (I prefer"brick and mortar"title or escrow companies myself)
I called three banks with no answer. There phones were all disconected
That is where the title company would come in. It is their job to search title records and see who currently holds the note. (If you cannot find this information, with our without the title company, you are in the position of holding property under adverse possession as we discussed above.
Thanks Bill, Something to think about. I have three years to retire. So i'am not in a hurry just yet.
I do wish you the best with this, and hopefully it works out well.
Thanks again. I was looking for Henry Winkler on the reverse comical to call an ask who owns this property.
I'll keep an eye out.
Have a good night Bill. Great help.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).