Interpreting Title
I am still a newbie buying forclosed homes and am having some trouble interpreting a title on a foreclosed property and would appreciate a little help.
There is a mortgage in the amount of $89,400 to the current owners which was taken the day they purchased the house. This mortgage has undergone 3 assignments since then, and has not been cleared by a release.
Now the mortgage that is being forclosed on is in the amount of 114,500.
Am I responsible for the first mortgage? Any help would be appreciated.
Sorry for the confusion:
Date recorded: 8/24/95
Amount: 89,400
Forclosed: no, but has undergone 3 different assignments
Date recorded: 3/7/03
Amount: 114,750
Forclosed: yes, the mortgage going up for auction
Thanks in advance for your help.
Unless, of course the first mortgage of $89,400 was paid off when the $114,500 mortgage was taken out.... but the satisfaction of the $89.4k was never recorded. It happens more often than you realize.
Are there any hints? Can the value of the property support $200k in mortgages?
If in doubt you could always get a $50 quickie title search (only back to when the present owners took title.)
[addsig]