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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36196
Experience:  16 years real estate, Realtor. Landlord 26 years
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I have a mortgage that the holder never collected payments :

Customer Question

I have a mortgage that the holder never collected payments
JA: Real Estate issues can be tricky and expensive. The Real Estate Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: no
JA: Please tell me everything you can about this issue so the Real Estate Lawyer can help you best. Please give me a bit more information, so we can help you best.
Customer: I have a property with a private mortgage. I have had the property for 16 years and the holder of the note never collected any payments.
JA: Is there anything else important you think the Real Estate Lawyer should know?
Customer: Is there a statute of limitations?
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Real Estate Lawyer about your situation and then connect you two.
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Barrister replied 11 months ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

Expert:  Barrister replied 11 months ago.

How long is the mortgage and Note supposed to last?

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Have you never paid the payments or was the seller supposed to come pick them up?

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thanks

Barrister

Customer: replied 11 months ago.
Never paid payments. No terms listed. It was supposed to be a bridge loan until another property was sold.
Customer: replied 11 months ago.
I paid back the note holder but the note was never adjusted. This was 16 years ago. Looking to sell the property and I see this old lien. Is it actionable or is there a statute of limitations. I have a second mortgage that I have been paying
Expert:  Barrister replied 11 months ago.

Ok, how long was the term of the Note?

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Was it a one year Note, 5 year, 10 year, etc.?

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When was it supposed to be paid back?

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Where is the note holder now?

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Have you contacted them to get them to sign a release?

Customer: replied 11 months ago.
The note has none of these details - No term, no payment structure, nothing. I didn't think it existed. Now I want to sell the property and I see it connected to my deed
Expert:  Barrister replied 11 months ago.

Ok, here it the thing... if the note is showing up as a lien on the property, then it was recorded in the local land records office. That means that it exists because you can't record something that doesn't exist...

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So if it has been repaid, then the person who filed it, has 30 days from that time to file a lien release or you can file a "quiet title" lawsuit against them to have a judge release the lien and can hold the person liable for the cost of any attorney.

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But you should be able to contact the holder of the note to have them sign a release rather than be dragged into court and sued to do so.

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thanks

Barrister

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