What is the statute of limitations on a mortgage in ohio?
In 2008, my bank sold the mortgage, then that bank sold it, then that bank sold it. Eventually, I could find no bank that claims to hold the mortgage. I haven't made a single payment since 2008, I have just been paying the taxes. Still no one has asked for payment or tried to foreclose. 11 years later, is it fairly safe to assume I just got a free house?
8 Answers
- babyboomer1001Lv 73 weeks ago
No, it is not free to "assume" anything. Failure to pay the last company that bought the debt - at any time, they will foreclose. Some companies get right on it. Others (few but it happens) wait years.
Source(s): Certified Paralegal, with 25+ years' experience. - Glenn SLv 73 weeks ago
The statute of limitations is not the issue. You need to talk to a real estate attorney. What you are dealing with is a "phantom mortgage". You will have a problem trying to sell the property because you have a broken chain of title.
Sometime down the road a lender could come back into the picture and foreclose to the conclusion of the process.
- How do you think about the answers? You can sign in to vote the answer.
- Anonymous3 weeks ago
You may be able to live it in forever but you won't be able to sell it. My house is paid for and I have the deed. I can sell it. You cannot.
- GregLv 73 weeks ago
Why didn't you check with the county to get the title. If you do not have a clear title, you cannot sell it.
There is no such document as a title to a home (unlike cars and boats). Title is a legal concept. But yes, the county will have all recorded liens and deeds including reconveyances or lack thereof.
- Anonymous3 weeks ago
If you were trying to find out which lender you owe the money to, you would take a trip to your county recorder's office. They will have records of all mortgage liens and reconveyances recorded.
If there is still a lien on the house, what is your exit strategy if you want to sell?
Statute of limitations on mortgage foreclosure in Ohio is 21 years.
No, if you have NOT paid in 21 years and they have done nothing to collect, that is the end of it.