Is there a statute of limitations on a mortgage?

[tjtrmmll]

I am the trustee for my deceased father's trust. The trust holds a mortgage on a piece of property (house and 1 acre of land). The borrower has made no payments since 2003, and it is soon to be 2008. Is there a statute of limitations on a mortgage in the state of South Carolina? Can I foreclose or negotiate with the borrower at this point? Who is the legal owner of the property?

Thank you in advance!

 

[davidsmom]

Yes you can still go after them for back payments, interest and any penalties that may have been outlined in the mortgage deed that was filed at the time of purchase. Just because you haven't foreclosed up to this point does not mean you don't have legal interest (and rights) to the mortgage amount due. The borrower is the legal owner of the property but you have a right to foreclose if they are in default. I would talk with them about refinancing their loan with you into a traditional loan and getting your loan paid off. Foreclosure is costly and a real pain so work with them first and see what they say. And shame on them for taking advantage of your father.