Buying a home with mortgage but is past statute of limitations.

[Eric Renney]

Here is my situation, I did a mail out and got a guy to call me about his home. He is wanting to sell it but the property still has the original mortgage on it. He estimates at about $250,000. The lender started the foreclosure process in 2008 and the homeowner got the case dismissed in 2011 due to the 5 year statute of limitations here in Florida. There is no foreclosure currently being worked. I know if i purchase this home I would be taking ownership of this lien, but my question is: can the original lender then come after me for the loan amount? and if so would I be able to still use the statute of limitations as a reason to not pay it?

I have been reading that if the lender would take a quite claim deed it would get the lien off of the title. How exactly does this process work? and would I be able to do it after purchasing the home?

Lots of questions I know. This is a complicated deal.

Thank you in advance for all your help.