Posted by I.R. on April 28, 2004 at 07:59:21:
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Second Mortgages - Posted by K.M.
Posted by K.M. on April 27, 2004 at 21:12:55:
I’ve done some research on some foreclosure single family homes, and I’ve been told that some of them might have second mortgages. How can I find this out before I bid on these properties.
Always check title !! - Posted by GP in WA
Posted by GP in WA on May 17, 2004 at 13:25:59:
You always must check the title to a property before bidding at a foreclosure sale. In some cases, the Trustee selling it has a title report (a/k/a Trustee’s Sale Guarantee) that you can get to see in advance. The TSG will show all mortgages, liens, judgements, unpaid taxes, etc.
If the first mortgage holder is foreclosing, the second mortgage is wiped off your title and you don’t have to worry about it. But if the second is foreclosing, the first stays on the title, and you buy the property at auction “Subject To” the first mortgage.
Re: Second Mortgages - Posted by eric
Posted by eric on April 28, 2004 at 11:01:54:
pull a prelim on the property