Posted by Jimmy on June 04, 2009 at 06:51:34:
In Reply to: Deceased lender posted by ryan bui on June 03, 2009 at 21:22:06:
Protect Yourself!!!
in your negotiations with this seller, you should treat the recorded DOT as a legitimate lien, and one you will have to pay in due course.
1. the seller can execute a warranty deed in your favor, but that does not kill the prior mortgage obligation. It just sits there. and you will not be able to pass on good title to someone else until this lien is extinguished, either by operation of law of by recording of a release by an appropriate representative of the deceased.
2. I don't this this is a case where adverse possession will have an application, as your seller already owns the property.
3. Check Washington law as it relates to abandonment of personal property. See if there is anything specific about abandonment of notes. Or a statute of limitations on collecting on notes. but be sure you are looking at the SOL on SECURED real estate notes. The typical SOL on non--secured debts is 4 years, but I'm 99% positive that rule does not apply to mortgages.
good luck.
4.
- SOL and promissory notes Kristine-CA 10:47:01 06/04/09 (0)