Foreclosure Title Search/ BK / Withholding Title

Comments(3)

• 
  tanya121527th May, 2003

  willtell,
  
  You can't spring 3 different topics on one post.... I'll do my best to answer your questions.
  
  Can someone tell me how to properly search the public records for all liens on a property?
  
  Each county records information differently. Since I do not know how your county works, then you should probably ask the information desk or department at the county courthouse. Sometimes you can find websites for your county and you can e-mail them directly or call them.
  
  1. How do I know if the foreclosure is not against the second, besides the price?
  
  If you read the Notice of Default or Notice of Lis Pendens document, it should list who the plaintiff and defendants are. That is how you know who is foreclosing on the property. But, be aware that both leinholders may be foreclosing at the same time.
  
  2. How do I know If am seeing all of the liens in a online public records search?
  
  You don't. That is what title searches are for.
  
  3. Does anyone suggest a title search with extended coverage before buying the home at foreclosure? Seems kinda of expensive if you do not win the property at auction.
  
  If you find a property that you are serious about bidding on, then you should definitely do a title search just to make sure you didn't miss anything when you researched it yourself. I'd rather spend $100 for a title search than find out it has a $20,000 lein on it after I buy it from the auction.
  
  Can a homeowner go BK after a foreclosure sale?
  
  A homeowner can file BK after a foreclosure sale, yes.
  
  1. What happens to the person that bought the home at foreclosure and uses a forcible detainer to evict the homeowner? If the homeowner goes BK can they live in the home for the next 6+ months until the BK proceedings are finished?
  
  You will have to consult a real estate attorney that specializes in foreclosures and/or bankruptcy. Each state has a different set of rules, so I do not want to give you misinformation. Ask the experts!
  
  1. I would like to purchase my properties at auction using a hard money lender. After I have successfully won the auction I would like to quickly (3 weeks) place a 30 year mort on the home and payoff the Hard money lender. I have heard in many cases that the bank will hold the title for up to 3 months after a foreclosure sale? Has anyone run into this problem in Maricopa county, AZ?
  
  In some states, there is what is called a redemption period. A redemption period is a length of time in which the homeowners have the right to "redeem" or buy back their home after the foreclosure sale. You will usually have to wait until the redemption period is over before you can proceed further.
  
  You should start looking for professionals who specialize in real estate that can help advise you when you have specific questions like these. We can give you our opinions and suggestions, but you should also consult with professionals when it comes down to it.
  
  Tanya

• 
  jfmlv195028th May, 2003

  Hi willtell,
  
  Tanya did a great job in trying to assist you in what you are trying to do.
  
  Here is a link that also might help you
  
  http://www.thecreativeinvestor.com/ViewTopic3737-7-0.html
  
  Best of luck
  
  John (LV)

• 
  willtell28th May, 2003

  Thanks Tanya!!
  I will work on investigating further with a specialist and write back If I find anything further. Also thanks John, in the past threads I did find another great title search site that provides info:
  
  http://www.titleadvantage.com/