Propety Lien
I am planning on buying foreclosed property. I have never bought any real estate before so, I am completly new at this. My question is how do you find out if a property has a lien or a second mortgage on it?
I am planning on buying foreclosed property. I have never bought any real estate before so, I am completly new at this. My question is how do you find out if a property has a lien or a second mortgage on it?
You can start with your local tax assessor's office or local government housing authority.
They should have a list of current tax defaulted properties.
Some cities don't keep track, so you may have to back all the way up to the county offices.
Try online as well. Alot of towns and counties are putting this material on line.
Another way to go is to talk to banks in your area. Most likely they hold the mortgages on the homes.
Hope that helps.
You need to check the records in the County Recorder's office. Usually the leins are subsequent to the Deed giving the owner title, however he might have taken the property "Subject To" or Assumed a loan.