Legal Question in Real Estate Law in California

Mortgage Question

I have a ''hard money'' loan as my 1st mortgage with an interest rate of 15% interest only. I defaulted on the loan over 6 years ago and the ''private money lender'' never foreclosed. Is it too late for the ''private hard money'' lender to foreclose? Is the statue of limitations up? The term of the loan stated in the note was 2 years.


Asked on 2/05/08, 7:53 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Mortgage Question

Statutes of limitations are usually inapplicable to trustee's sales, because trustee's sales are private arrangements, not lawsuits. There are some provisions in the Civil Code under the Marketable Title Act invalidating ancient mortgages, but offhand I don't think your loan would be anywhere near "overripe" enough to be unenforceable yet.

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Answered on 2/06/08, 6:21 pm


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