How To Find Lein Amount In Trustee State
We are thinking about trying to buy homes in a trustee state. We presently are in Kansas where it is easy to find leins at the courthouse by case # etc. In a trustee state I guess the way to find out information is the ROD office at the courthouse, but wouldn't it just list the amount of the original mortgate, does anyone have any information on how to find what the actual lein is. Also would federal, state, municipal leins be in the Records of Deed office. Also wondered if in a trustee state if the bank is willing to deal with you after they have purchased it back at the sale. Thanks for anyone who answers me.
For the most part, all liens that are on a property should be recorded in the county records. Some liens might be valid but not recorded yet (mechanics liens can show up later).
The amount owed the trustee is not obvious as the amount will include legal fees, back payments and other such charges. The owner can obtain the pay-off amount from the trustee. You can ask the owner to sign a release so you can contact the lender/trustee to find out the amount.
As to a lender being willing to talk after they take something back. It does happen. Lenders tend to handle things differently and each case can vary. Hence you should try but do not expect that they will always be responsive to such ideas. Sometimes a change in who is dealing with the case internally at the lender will change how they respond.
Many lenders place the property with a Realtor who will handle estimating the value, seeking bids for any work needed and then getting the place marketed.
John
[addsig]
In California I use RETRAN and it lists the original trust deed now in forclosure and all the other ones on title. I merely check the originating balance, check what year it was placed on the property then check the average interest rate, make the assumption it is a 30 year payment plan and stick it in my HP 12 C calculator and I have an approx answer. As I get deeper into the deal I ask for more exact information. As to liens and judgements if I am into the transaction I merely have the title company run a courthouse search from their night search team. My cost is very little as I have made arrangements with my selected title company who get all of my business in exchange for such favors . Now that is in a Trustee State such as California. I run mostly Los Angeles and the surrounds.
Good luck, Lucius