What is the name of your state (only U.S. law)? New Jersey
My father has $60K or so left on his mortgage, and in 2001 about 4 creditors have placed a combined $220k of liens against his home (which is worth about $450k) after a business venture went sour. I, his son, want to purchase the property or transfer title, but I obviously do not want to assume the liens.
Is there a statute of limitations that will cause the liens to expire? Can the creditors make a call to collect the lien amounts by way of foreclosure at any time? Or does it make sense to just sell the house (to anyone) to pay off the liens? Can liens be reaffirmed without going into bankruptcy. NJ has no homestead exemption for bankruptcy, and so it does not seem like the right course.