There is a house at a foreclosure auction that has a subordinate security agreement based on the national stabalization program NSP through NACA. I think it was for down payment and closing costs. How can I find out the amount of the unpaid debt on this? I'm assuming I would have to pay it off if I won the house.
To find out the amount of the subordinate lien through the NSP program, you’ll want to pull the title report for the property. It should detail any liens or subordinate agreements, including the unpaid balance. You can usually request this from a title company or look into public records in your county’s clerk or recorder’s office.
If you’re not sure how to navigate this, contacting the auction house or a real estate attorney familiar with foreclosure auctions can help ensure there aren’t surprises. Since you’re assuming this debt as part of the purchase, understanding the exact amount is critical.
Hmm, the title company said they couldn't determine the amount, only that there was an agreement to the terms of another agreement... like a notice for hoa responsibility tells you they're responsible but not how much is owed. They need a contract with email addresses and social security numbers to provide the amount. Does that sound right?