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I cannot find my title policy for my purchase of my

condominium about 30 years ago...
I cannot find my title policy for my purchase of my condominium about 30 years ago I never looked online but I see there’s an outstanding mortgage from the previous owner that is still being listed without a satisfaction of mortgage although I’m sure it must’ve been paid off because I haven’t heard anything in 30 years if I was to sell the property without the title policy and this on the county record can you tell me what would happen?
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Customer reply replied 5 months ago
I know I need to look for it and I am trying but if it cannot be found what would happen ?
Answered in 13 minutes by:
3/2/2018
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,416
Experience: Real Estate Attorney with over 25 years experience
Verified

Mortgages only last 10 - 15 years under the statute of limitations after there has been a default. So assuming the mortgage went into default when you bought the property (as no payments made by you to the prior owner's lender), the lender was required to file suit/foreclose within the statute of limitations. On the flip side, if the prior owner had it paid off from the proceeds, the lender is required to satisfy the lien in 30-45 days after receipt of payoff.

Based on the foregoing, you should not have any problem selling the property. The title company will just have to go back in the title search (beyond your purchase) to write a title policy.

Have I answered all your questions? If so, please be sure to accept my response and post a positive 5-star rating.

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Customer reply replied 5 months ago
8220;The title company will just have to go back in the title search (beyond your purchase) to write a title
I don’t understand this this and are you sure about the statute of limitations can you show me where in the law it says this?

yes, what State are you in?

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Customer reply replied 5 months ago
New York

The statute of limitations in the State of New York to bring a foreclosure lawsuit on a mortgage is six years.

As to the title policy part of my response:

Generally, a title company uses your prior title policy (issued when you bought) as a base title. That means that they rely on it and search from that date forward to issue a policy. IF there is no prior policy, the title company will just have to go back much further in their search to issue the new policy to the new buyer. In other words, a full title search.

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Customer reply replied 5 months ago
There has been no news about this mortgage from the seller or the bank since I bought the property about 30 years ago , so the limitations of six years would apply , there hasn’t been any action whatsoever but the mortgage is still listed online? Unsatisfied

Here's a case decision describing the 6 year statute of limitations in NY:

Equity Recovery Corp. and 1174 Mazel LLC v. Kahal Minchas Chinuch of Tartikov – In this case, the full unpaid balance of the mortgage loan became due in October of 2006 and the borrowers (the plaintiffs) did not pay the balance. When the lender (defendant) failed to file any action in court seeking a foreclosure through October of 2012, the plaintiffs filed their own legal action to have the balance of the debt canceled based on the expiration of the statute of limitations. Ultimately, the Kings County Supreme Court agreed that the “subject mortgage should be extinguished” because the lender took no action within the statute of limitations.5 The mortgage payment obligations were then effectively ended.

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The mortgage lien should be deemed extinguished because it expired under the statute of limitations.

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Customer reply replied 5 months ago
Thanks but one more point, if the title company has to go back before I boughtThe property and they see this in the record will they still issue the policy?

They will either deem it unenforceable or ask you sign an affidavit that no demand made on you on the mortgage, etc. to satisfy them that the lender waived its rights on the old mortgage.

Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,416
Experience: Real Estate Attorney with over 25 years experience
Verified
Lori and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 5 months ago
I need to continue, in your case example, the total unpaid balance became due and then it was 6 years , but in my case the maturity date of the mortgage is 2014 , why do you say the six years began after the first monthly payment was not made?
The date the statute of limitations begins is the date of default- not the maturity date of the mortgage. In other words, the date payment stopped by the prior owner, which was likely around the time of sale to you.
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