Trust Deed statute of limitations

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Posted by ellis on March 17, 2003 at 18:36:57:

I purchased a note from a private party that was due in June of 1993, it also carried a rate of 12%(it was not a purchase money loan), I have begun foreclosure proceedings with a trustee. The borrower is trying to say that the statute of limitations has expired.

The borrower never made on payment to the beneficiary & is also claiming usury.

Are my chances still good to proceed with the foreclosure? What if any risks am I exposed too?

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