Deceased lender

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Posted by ryan bui on June 03, 2009 at 21:22:06:

A seller I'm talking to bought his house many years ago on an owner contract. The person that sold the house to him (the lender) then passed away. That was 7 years ago. The seller stopped making payments since but nobody/heir ever came forth to make any claim.

Is there anything I can do here? House's worth 250k as-is. 1st note from the deceased lender is 100k face value, not including delinquencies. There are no other mortgages. Is there a statue of limitation where if the borrower stops making payments for 10 or 18 years or so, that the note becomes invalid... Should I attempt to contact the deceased lender's heir and try to buy the note at a discount and risk stirring up a big mess? Should I just give the seller 50k for his interest, keep everything the way it is, and keep on collecting about $1,100 a month in rent?

Ryan

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