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

Comments(5)

  • tinman175519th January, 2004

    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

  • tinman175519th January, 2004

    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

  • Tored19th January, 2004

    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.

  • JonDoe21st January, 2004

    How/where would I order a property report to determine liens outstanding and order?

    thanks!

    -J

  • tinman175521st January, 2004

    any title company

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