Foreclosure Property

3 Replies

Trying to find out if a mortgage is the first mortgage on my local county site that is in foreclosure. It appears that there is only one mortgage against the foreclosure. Is there any way to double check this or know for sure? This will be my first auction property and I don't want to find out that it has a second or third mortgage on it. Any help would be great. 

Several ways to do this... using a combination of the following. Order a title search from a local abstractor. Learn to do a title search on your own, following local customs. Review the foreclosure docket to determine who the plaintiff is, as well as other interested  parties. Read and understand fully the terms of the auction in which you are participating. sells (auctions) homes that are already taken back through the foreclosure process and are current REO's. They also merely advertise homes that are in pre-foreclosure. They provide the date, time and location (and some other facts)of the Sheriff's Sale. It is way safer to buy the REO's as they sold contingent to you obtaining clean title. Sheriff Sales are super risky but can be rewarding. If it is a pre-foreclosure, go down to your local courthouse and go talk to the people that work in the recorder of deeds office. They are usually very helpful in showing you what open mortgages there are. Then go to the Prothonotary/clerk of courts and check for judgments. Some liens are NOT divested through Sheriff Sale. I would be very careful as a first time buyer at Sheriff Sale. Do your homework for sure. If the two places I mentioned show no serious defect, then I think you should hire a professional to abstract title for you to be safe. I don't usually start there however because they do obviously charge for that. So don't waste your money until you have done a preliminary search of your own to see if it's even worth pursuing.

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