Newly released tape-Loans not showing up on Credit report

[Sandy Uhlmann]

I am constantly confused when a newly (released this week) released tape of JUNIOR liens come out and in doing research, the property has a "sold" or "sale pending" when I am on Zillow or another real estate site. When I look at the limited title report provided by the seller (the Pro Title dollar search I believe) I see both the first and the second listed. The TLO report provided by the seller does have a NOD on 5/14. When I look at the credit report under Real Estate, it shows that there were 2 counts. Both with balances of 0 and are listed as "closed". Now I will admit that I am new to the note business and still learning to read these credit reports but I am assuming that this means that these liens no longer exist.

This information is all being provided by a well known seller of second mortgages.  Am I correct to conclude that there is no longer a second lien on this property? (nor a first for that matter) Sometimes I feel like I am wasting my time looking at some of these tapes.  Is this a common occurrence in the junior lien market and just a part of the due dil process?