IndyMac is infamous for "Liar Loans"

[Jonah Wilson]

I have received the deed from a home in BeaverFalls PA. The home has a mortgage from 2005 represented as IndyMac. IndyMac has transferred to another bank in 2009 which was purchased by another bank in 2014. IndyMac is infamous for "Liar Loans" and suffered as it was arguably the epicenter of the crash of 2008 due to its 13billion impact. My question is how to approach this new lender in California if its a possibility they are unaware of the mortgage? Would this be worth challenging for adverse possession through the court to identify the note holder?

[Davido Davido]

@Jonah Wilson, 
"My question is how to approach this new lender in California if its a possibility they are unaware of the mortgage? Would this be worth challenging for adverse possession through the court to identify the note holder?"

If you've received a (Warranty) deed, then you already own the property exclusively.  You would not be using adverse possession.  As a point of interest, just last year a new PA law was passed which requires only Ten years for AP (instead of the former 21 years) =if the property is less than a half acre.   See the affect of PA house Bill #352 lowering Quiet Title times via Adverse Possession to ten years for some PA residences.) 

https://www.legis.state.pa.us/cfdocs/legis/LI/consCheck.cfm?txtType=HTM&ttl=42&div=0&chpt=55&sctn=27&subsctn=1

Instead, you could file a Quiet Title Law Suit and argue that the loan is beyond the PA statute of limitations for mortgages.  It probably is not past the statute of limitations (20 years since last payment), but two things might happen that could enable you to succeed in getting the mortgage removed from the title by court order.  1. The new bank might not respond to your Quiet Title Lawsuit (happens more than you'd think).   2. The new bank might not be able to prove they have the original mortgage documents or the bank might not have proof of when the last payment was made.  (There is a good chance)   See section 5530 of the PA statute of limitations for mortgage debt.

https://www.legis.state.pa.us/WU01/LI/LI/CT/HTM/42/00.055..HTM

The cost of a Quiet Title suit is usually a few thousand -if the other party does not respond.  If they do respond costs will go up some, and if the bank can prove their mortgage and the last payment dates, you would gain nothing, and may have to pay the bank's reasonable attorney fees as well as your own.  Good luck. 

http://bankruptcylawyerpa.com/blog/pennylvania-statute-of-limitations-on-debt/