Legal Question in Real Estate Law in Iowa
2nd mortage
I have the abstract and paid note from the original lender, a copy of the second mortage is included in the abstract. Your answer to the statue of limititations was (generally) 10 yrs. from due date..It has been 19 years since the due date and we have never been asked for a payment or contacted in any way. Is it still a valid mortage. I need to know (in your opinion) at this point who ownes the property us or them? Thanks in advance for your reply.
Need to know if our children will get
this place or just a big mess.
1 Answer from Attorneys
Re: 2nd mortage
A mortgage does not affect ownership (until it has been foreclosed anyway). You would own the property whether or not there is a valid mortgage--the lender would merely have a lien.
To answer your question as specifically as you would like, I would need to review the relevant documents, and perhaps do a title search.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
