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Mortgage ,000 at 10 % given never paid property entered upon…

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Mortgage for 10,000 at 10...
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: 2 years ago.Category: Real Estate Law
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Answered in 10 hours by:
3/5/2016
Real Estate Lawyer: Gerald-Esquire, Lawyer replied 2 years ago
Gerald-Esquire
Category: Real Estate Law
Satisfied Customers: 5,455
Experience: Over 30 years of experience
Verified

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.

Please do not forget to give me a positive rating. It adds nothing to your costs but it helps me greatly. Thank you.

If you are dissatisfied with my response PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you and only ask the same from you.

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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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).

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