If 25 years ago, a person loaned but the borrower refuses to pay, how can the money be collected?
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If 25 years ago, a person loaned but the borrower refuses to pay, how can the money be collected?
The borrower signed and notarized a document stating that if he defaulted on the loan his house would be used as collateral. A lien was placed on the property 25 years ago and now the property is being sold but they are saying that the lien has expired. How can we get the money back?
Asked on April 27, 2019 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You can't do anything after so many years. A loan is a contract: an agreement to repay money. The statute of limitations, or time within which you can take legal action to enforce a contract, is four years in your state. After 25 years, it is far too late to sue or take other legal action, which means there is no way to enforce the obligation to pay: once the statute of limitations has expired, you cannot bring a legal action.
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