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Rights on property where we have lived for almost 40 years? Foreclosure?

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Arresto Menor

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?

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