Q: Does a mortgage lien on property expire
Several years ago I was gifted property. Wanted to get home equity loan but found a Mortgage Lien from previous owners that hasn't been released. Recorded date was 04/19/2002. How do I find out if the mortgage has been paid and does a mortgage lien ever expire.
A:
Under Ohio law, a mortgage lien is a legal claim that a lender holds over a property as security for a debt. Typically, a mortgage lien does not have a set expiration date like other types of liens, such as mechanic's liens. Instead, a mortgage lien remains valid until the underlying debt (the mortgage) is paid off in full. There is a rare instance that is difficult to satisfy however. Under R.C. Section 5301.30 If a mortgage debt remains unpaid for more than 21 years and there's no action taken by the bank to enforce it, the lien on the property will expire. The bank can revive the claim by refiling the mortgage, but it will only be valid notice for another 21 years or until the stated maturity date of the debt, whichever is longer.
The mortgage should state a named lender. Check with the lender or its corporate successor. Good Luck. Of course, there is no substitute for investing in some time with an attorney to look into this with you.
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