Q: We hold a second mortgage (loaned the downpayment in 1980, which has never been paid) against a home owned by my brother
I copied the mortgage from land records and sent them to niw-deceased brother’s family. Wife says not owed. How can I be sure this lien isnot missed in a private cash sale?
A:
A properly filed mortgage or deed of trust should act as a lien against the property. Generally, however, a loan has a maturity date (whether 10, 20, 30 years, etc.) and after a certain amount of time past the maturity date a mortgage may be considered satisfied. A lender generally can exercise rights as outlined in the Deed of Trust / Mortgage, including, where appropriate, initiating foreclosure. Separate from the lien, a mortgage has an "IOU" component against the borrower and there are time frames to file a claim against a deceased person's estate.
To get specific answers to your questions you may wish to consult with a real estate attorney who can examine the documents filed in Land Records and offer advice. While I hope this online post helps, it is not intended as legal advice specific to any particular situation. The details of one's circumstance may affect how the law and facts apply to a given situation.
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