Couple Newbie Questions
Is there a difference between a note, a lien, and a mortgage? How can you verify what position a note, lien, or mortgage is in (i.e. 1at, 2nd, 3rd)? If you're holder of a 2nd or 3rd, can you independently initiate and force foreclosure ? thanks for any help. -J
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Mortgage is secured to the property, the note outlines the details of the mortgage,
a lien is anything against the property
hope this helps
lori
the best way to verify who is in what position is to order a property report. This will also show what liens are on the property
Actually, a mortgage is a pledge of real property as security for a debt - it's the instrument used to make this pledge and create this interest.
The note is a document containing the express PROMISE of the borrower to pay a specified person or institution a specific sum of money in a specific time period.
That's basically it.
How/where would I order a property report to determine liens outstanding and order?
thanks!
-J
any title company