Encumbrance
I am looking at a property in foreclosure and I pulled the preliminary judicial report. The case is Third Federal vs Jane Doe. In the preliminary judicial report it lists all the liens.
Number 4 on the list is the Third Federal Claim for 138K
Under it it states:
Note: Encumbrance on the above Mortgage stating mortgage lien is limited to the amount of the loan dated April 30, 2003 filed May 09, 2003.
The Loan Dated April 30, 2003 is a second Mortgage with Unizan Bank for 50K.
Can someone explain what the note means? Is that a bad thing? I am new at this 
Hey there btache;
I sent you an email on this post subject. Did it get to the right place? Post here or send me an email as shown on my profile.
Due diligence and hang in there. Longshot
Hey there btache;
Edited, I just found out my email was not working on this site. If you are out there, please try again to send an email to me.
Due diligence and hang in there. Longshot[ Edited by longshot on Date 04/15/2007 ]
You would have to be ready to refi with a new lender... and bring new money into the picture. Its worth a short.
Can you get a loan w/ the environmental issue?
Do you want the risk of owning a hazmat site?