Legal Question in Real Estate Law in California

Conceivably. Although we have statutes of limitations against stale claims being raised in lawsuits, which would generally be a bar to a successful suit after 20 years, it should be pointed out that statutes of limitations are affirmative defenses, and don't prevent the suit from being filed and served. They only provide you with a means of winning. You need to reply and defend, citing the applicable statute. In addition, there's the possibility that the plaintiff's case here is (1) an attempt to collect a judgment that's been kept alive by periodic re-filing, or (2) an action based on a second mortgage, not the one foreclosed in 1992, that has recently come due and therefore the statute of limitations hasn't kicked in yet. Therefore, I'd guess that you're likely to have a defense, but it isn't a certainty. More facts would be needed.

It depends on what the cause of action is in the lawsuit.