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Gerald-Esquire
Gerald-Esquire, Lawyer
Category: Real Estate Law
Satisfied Customers: 3441
Experience:  30 years of experience.
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Mortgage ,000 at 10 % given never paid property entered upon

Customer Question

Mortgage for 10,000 at 10 % given never paid property entered upon Property continued to be pass on within buyer's family 40 years later search of title uncovers problem what monies are needed to clear up title
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Gerald-Esquire replied 1 year ago.

Hello,

Thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

If 40 years have passed by without a payment it is fairly certain that the debt is time barred by the Statute of Limitations for the state that the property is in. The Statute of Limitations bars legal action on matters after a period of time goes by.

You do not indicate what state your in, but this link will tell you what the time period is for yours. Look at the time for written contract:

http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html

Because the debt is time barred it is no longer owed. To clear the title the buyer's family would file an action in court to quiet the title. A quiet Title Action seeks an Order form the Court that will clear any conflicting claims to the property, including the record of this debt.

The seller's family should know that they could wind up with nothing. If this old debt is the only cloud on the title it is worth it to the buyer's family to make a settlement to avoid the expense of the court proceeding.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow up questions, feel free to ask. Please note that I am generally unavailable Friday evening through Sunday.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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