statute of limitations

[John Anderson]

What is the name of your state? Ca
I have moved from Nevada to Ca to help a friend. He has a home in Ca. that he purchased in 1992. It was financed by the seller, payments to run over a 13 yr. period. In 1998 he started falling behind on the payments. Shortly there after he was unable to make payments at all.

The mortgage holder (and seller) called him one time in 1998 asking what he planned to do about the rears on the loan. At that time he said he was doing every thing he could, but was not able to make payments since then.

Not once has been contacted about the rears, other than the one telephone call, nor has any effort in any way been made on the part of the seller/lender to collect the rears or foreclose on the property.

I have been told by others (not professionals) that there is a statute of limitations of 4 years to collect an owed debt or repossess the property.
If this not done with in 4 years my friend may claim the property, and the mortgage holder has no right to it, as long as the taxes are paid.

Is there any truth to this? And if so, how does he get the deed to the property.
I guess it's called a deed (a document stating the property is his free and clear). I know this is an unusual case, but from everything I can tell this accurate information.

If the information I have presented is accurate what steps does he go through to secure the property. It seems the women (not a loan CO or mortgage CO) does not seem interested enough to pursue this issue. There is no other loans or leans against the property.

Greatful for your professional advice.

 

[HomeGuru]

What is the name of your state? Ca
I have moved from Nevada to Ca to help a friend. He has a home in Ca. that he purchased in 1992. It was financed by the seller, payments to run over a 13 yr. period. In 1998 he started falling behind on the payments. Shortly there after he was unable to make payments at all.

The mortgage holder (and seller) called him one time in 1998 asking what he planned to do about the rears on the loan. At that time he said he was doing every thing he could, but was not able to make payments since then.

Not once has been contacted about the rears, other than the one telephone call, nor has any effort in any way been made on the part of the seller/lender to collect the rears or foreclose on the property.

I have been told by others (not professionals) that there is a statute of limitations of 4 years to collect an owed debt or repossess the property.
If this not done with in 4 years my friend may claim the property, and the mortgage holder has no right to it, as long as the taxes are paid.

Is there any truth to this? And if so, how does he get the deed to the property.
I guess it's called a deed (a document stating the property is his free and clear). I know this is an unusual case, but from everything I can tell this accurate information.

If the information I have presented is accurate what steps does he go through to secure the property. It seems the women (not a loan CO or mortgage CO) does not seem interested enough to pursue this issue. There is no other loans or leans against the property.

Greatful for your professional advice.

**A: you are incorrect and way off the mark, as the sol does not apply to mortgages or seller financecd property where such debt is secured and recorded thereby creating a lien on real property. And the correct spelling of the words are arrears and liens. If your friend has the rears, well, he may need some medication.

 

[JETX]

"I have been told by others (not professionals) that there is a statute of limitations of 4 years to collect an owed debt or repossess the property.
If this not done with in 4 years my friend may claim the property, and the mortgage holder has no right to it, as long as the taxes are paid."
*** Did you keep that fortune from the cookie?? I believe that may be true in China... but not here.
The SOL (Statute of Limitations) does not apply to a mortgage with a right of foreclosure.

"Is there any truth to this?"
*** No.

"And if so, how does he get the deed to the property."
*** He can call the mortgagor (owner) and ask him to send it.

"I guess it's called a deed (a document stating the property is his free and clear). I know this is an unusual case, but from everything I can tell this accurate information."
*** Where did you look and find it to be 'accurate'??.

"If the information I have presented is accurate what steps does he go through to secure the property. It seems the women (not a loan CO or mortgage CO) does not seem interested enough to pursue this issue. There is no other loans or leans against the property."
*** It isn't.

In essence, this person is currently living rent free in someone else's house. Tell him to enjoy it while he can.... as someone will eventually come a knockin' and ask for money.

 

[HomeGuru]

*** Where did you look and find it to be 'accurate'??.

C'mon JETX, it is obvious that he looked in the fortune cookie.