My wife and I own ( by TE ) 47 Acres of land improved by a SF residence
In 2004 We borrowed 200k from a "friend" 9, BD, and used the property to secure the note.
The note and deed of trust
were signed and recorded in September 2004
The note requires payment in full 36 months from the date "hereof" ( 29/9/2004 )
The Deed of Trust refers to the 200k being due 60 months from the date hereof.
Neither the Note nor teh Deed were paid as agreed. BD never took any action to record any notices of default, foreclosure etc. We have never signed anything other than this first set of documents.
In 2009 my wife and I both filed for Chpt 7 and were discharged in 2009
BD and his note were included properly in the bankruptcy. We never signed any agreements to repledge or similar.
So over the years we have paid BD interest payments but have not signed nor has he recorded any docs since 2004.
So I would like to know... what do I need to file to clear BD's lien from my property?
I understand that the staute of limitations has long since lapsed and so my thinking is that BD no longer has a security interest and that the note was properly discharged in a chapter 7 case. Will he have an recourse if I do file to release this claim?