Two mortgages on title search
Hello All,
I am new here to BiggerPockets and have been in the education phase for about 6 months. I am interested in a foreclosure right down the street from me that is to be auctioned on auction.com. I have been learning about due diligence and have a couple of questions regarding my title search thus far:
1. The auction mentions buyer may receive a Special Warranty Deed or equivalent if able to purchase title insurance without delaying closing. Otherwise buyer will receive a Quitclaim Deed. Can someone expand on what this means, particularly the difference between the two deeds.
2. I reviewed the title information provided by auction.com and also searched the county record of deeds online. Both show two mortgages and one assignment. The first mortgage is for $30k in 1990 later assigned to a different lender in 1997. The other mortgage is for $22k in 1993 to the same mortgagor with a different lender than either associated with the first mortgage. If I were to bid and win the auction, would both of these mortgages be released or could I be responsible?
Thanks in advance for any advice.
Drew