In California, the statute of limitation on unsecured promissory notes is 4 years from the date of the first default (with several exceptions). More generally, the statute of limitation on written contracts is 4 years.
What's the statute of limitation on promissory notes secured by trust deeds ? I recently received a lead of a note available for sale, secured by a trust deed dated in 1996. I have seen the trust deed, but haven't seen the note yet. No payment has ever been made on the note.
I was going to wait until I gather information from various parties before asking the questions here, but then decided to ask here first, so that I know more about what questions to ask. I will ask more specific questions later once I have gathered more information.
Assuming that the note called for payments starting in 1996, which means it has been delinquent for over 16 years, how does the Statute of Limitation affect the note ? How does it affect the Trust Deed ? Will I have the right to foreclose (trustee sale) if I buy the note and Trust Deed ?