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Updated about 9 years ago on . Most recent reply

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Steven Williams
  • Fix And Flip Investor
  • Walnut Creek, CA
10
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37
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Statute of Limitations Expired on a Second Mortgage in California

Steven Williams
  • Fix And Flip Investor
  • Walnut Creek, CA
Posted

Hello BP Family,

I'm trying to close on a deal in Fairfield California before the primary mortgage holder forecloses on the property sometime next month. I'm able to offer about $25k more than the payoff from the primary mortgage holder.

The problem is that the title report is showing a lien for $77k that appears to be a second mortgage taken out in 2007... According to the $77k lien holder the $77k debt was charged off in 2008 and the payoff says the statute of limitations has expired.

The seller claims to have no idea what this $77k lien is and the lien holder says that it can take 30 days to dispute the lien (The primary mortgage holder will foreclose on the property by then)

Can a lien with expired statue of limitations be removed from a property in California?

Any advice will be gratefully accepted.

Thanks!

Most Popular Reply

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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
63,840
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43,224
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied

@Steven Williams  simply pull a title report from the local title company ask them to insure around it.. if they won't then you have your answer.

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JLH Capital Partners

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