Q: How long after the firsts defult mortgage payments can I foreclose on a property?
Last November my dad passed away. His only "asset" in Florida was a promissory note and mortgage he did to my brother on 2008 to help him buy a house. My brother is the mortgagor and my dad the mortgagee. We have initiated the probate process. My brother never made a single payment on the mortgage. Can the estate foreclose on the property? How does the 5 year status of limitations would apply on this case? Can the estate recuperate the money my dad provided to buy the house? My dad lended the full purchase price for the house. If the estate cannot foreclose on the property that means his investment was lost?
A: Yes, the estate can probably foreclose the mortgage. Each failure to make a payment would be a default, so a failure to pay 4 years and 11 months ago would be a default not barred by the statute of limitations.
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