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Originally Posted by camejm Could there be a second mortgage in another name, possibly the owner has remarried and took out another loan.
How do I research this?? Only the first mortgage and the HOA are mentioned in the foreclosure notice. |
Is it a sheriff sale? If so, you can go to the clerk of courts and take a look at the court case. (Every foreclosure has gone before a judge for a decision to to the mortgage company to sell the house at a sheriff sale.) That court case file should have all the creditors listed. (In this case, it should be only 1st mortgage holder and HOA if what you have found is correct).
Next, give the sheriff's office a call (or whoever is handling the auction) and double check with them about
vacating a sale if there is a defect in the proceedings. (i.e. if you win the bid, but then find out there were others who had claims (i.e. mortages or liens) against the property that were not listed in the proceedings. Most states/counties I'm familiar with allow you to vacate the sale within 30 days if they failed to identify and notify a mortgage or lien holder of the sale. If you do win the bid at the auction, immediately call a title company (if you are getting financing, use the company the bank wants, or you might have to do this twice) and have them do a title search. This is too big of a purchase not to make sure it's done right. (I'm very much a Do-It-Yourself-er, but would never trust myself when it comes to this much money).
Don't forget to buy title insurance - ESPECIALLY on a foreclosed property!
12-20-2005, 08:08 AM
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