I will be checking with a real estate lawyer in the near future, but I would like to have a quick check regarding the below situation:
My late parents bought a property from a now-defunct developer. My parents have been able to pay for I think 4 years before they no longer paid the amortization due to some issues with the developer. this was some 30 years ago-- and we have live on this property for more than 37 years now.
Recently, we had a friend trace who holds our property account as we wanted to finally get the title to my name as the heir of the deceased purchasers. We came up with a real estate company who claims to have our account and they have presented us a statement of account which of course includes interest from 30+ years of unpaid arrears. I will have a lawyer check this later this month before we actually pay them the amount in the SOA given to us.
A few questions though:
1) Why have NO ONE foreclosed our property for all those years? Can the property still be foreclosed?
2) Do we have a right to claim this property? I mean-- I am now confused on whether to pay ASAP or not-- as why has no ONE approached us for 35 years and asked for payment?