Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 3 weeks ago

What is the statute of limitations on a mortgage in ohio?

In 2008, my bank sold the mortgage, then that bank sold it, then that bank sold it. Eventually, I could find no bank that claims to hold the mortgage. I haven't made a single payment since 2008, I have just been paying the taxes. Still no one has asked for payment or tried to foreclose. 11 years later, is it fairly safe to assume I just got a free house?

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  • 3 weeks ago

    No, it is not free to "assume" anything. Failure to pay the last company that bought the debt - at any time, they will foreclose. Some companies get right on it. Others (few but it happens) wait years.

    Source(s): Certified Paralegal, with 25+ years' experience.
  • 3 weeks ago

    No.  The statue of limitations on a mortgage in Ohio is 21 years.

    • oklatom
      Lv 7
      3 weeks agoReport

      No, if you have NOT paid in 21 years and they have done nothing to collect, that is the end of it.

  • 3 weeks ago

    The statute of limitations is not the issue. You need to talk to a real estate attorney. What you are dealing with is a "phantom mortgage". You will have a problem trying to sell the property because you have a broken chain of title.

    Sometime down the road a lender could come back into the picture and foreclose to the conclusion of the process.

  • Judy
    Lv 7
    3 weeks ago

    No, don't assume that. The mortgage holder has a lien on the house.

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  • Anonymous
    3 weeks ago

    You may be able to live it in forever but you won't be able to sell it.  My house is paid for and I have the deed. I can sell it. You cannot.

  • Greg
    Lv 7
    3 weeks ago

    Why didn't you check with the county to get the title. If you do not have a clear title, you cannot sell it.

    • BBG
      Lv 7
      3 weeks agoReport

      There is no such document as a title to a home (unlike cars and boats).   Title is a legal concept.   But yes, the county will have all recorded liens and deeds including reconveyances or lack thereof. 

  • Anonymous
    3 weeks ago

    If you were trying to find out which lender you owe the money to, you would take a trip to your county recorder's office.  They will have records of all mortgage liens and reconveyances recorded.

    If there is still a lien on the house, what is your exit strategy if you want to sell?

    Statute of limitations on mortgage foreclosure in Ohio is 21 years.

  • Rick
    Lv 6
    3 weeks ago

    that sounds like a lawyer question ..............................

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