Statute of Limitations and note investing

4 Replies

Fellow Note Investors:

Is anyone aware of a state-by-state overview of Statute of Limitations laws as they relate to notes secured by real estate?  

I want to make sure I have the right to foreclose on some of these older 2nds that I'm reviewing. 

I've done my own research, and a lot of the info was conflicting.  Any clarity you could bring to the issue would be helpful!

Thank you!

One of those where it is likely worthwhile to spend the money on a good RE attorney. To the best of my knowledge, notes on mortgages are valid until satisfied.

Originally posted by @Eric S. :

Fellow Note Investors:

Is anyone aware of a state-by-state overview of Statute of Limitations laws as they relate to notes secured by real estate?  

I want to make sure I have the right to foreclose on some of these older 2nds that I'm reviewing. 

I've done my own research, and a lot of the info was conflicting.  Any clarity you could bring to the issue would be helpful!

Thank you!

I only know the states we cover.

You will want to search for laws concerning the "expiration" of judgments and liens as opposed to SOLs.

Originally posted by @Gary Headrick :

One of those where it is likely worthwhile to spend the money on a good RE attorney. To the best of my knowledge, notes on mortgages are valid until satisfied.

Regarding your last sentence, the instrument that secures the repayment obligation with an interest in real property has a definite period within which it must be exercised in relation to the maturity date of the mortgage/DoT.

@Eric S. I have accumulated a database by state of a lot of the legal issues. If you have a few states send me a note and I can let you know what I show. Note I am not an attorney and all info should be confirmed with one no matter where the info comes from

Also if it is indicative bids you will be able to have a more thorough review as some states base it in last payment date or time from demand was sent...

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