Note holder won't respond

[Mark Matos]

Hello everyone,

I am trying to purchase this property but I'm having a hard time clearing the title. Apparently the 1st mortgage has not been serviced in 5 years or more and no moves have been made to foreclose either. There are about 20K of back taxes and other city violations to be paid. 

I contacted the note holder of record and told them I am purchasing the property and would like to pay off the note. The asset manager seemed not to have enough information on the property and told me she would call me back but I haven't heard back from her. I tried calling her a few times and I left voice messages but she has not responded. 

The owner of the property (the one I'm purchasing the property from) is not the original borrower. He got ownership of the property via Quitclaim deed and he claims to not have been aware that this mortgage even existed. So I was the one who had to track down the note holder and get in touch with them.

Anyway, the property has been abandoned for a long time and if I can get this lien cleared up for a reasonable amount this can be a killer deal. However, the note holder of record seems to have fallen off the radar. I suspect they don't have all the documents for this note since this mortgage was assigned to them after having been assigned many times over the years. 

Any suggestions???

Thanks

[Andy Mirza]

@Mark Matos  If your numbers are good for your purposes and it makes sense to buy, I would lock it up with a purchase contract with your seller and open up escrow with your closing attorney. I know that in GA title insurance is optional and generally paid for by the buyer. I highly suggest getting title insurance in almost all cases. Get the title company started right away on what needs to be done regarding your title issues. Let them do the investigative work. They will tell you what they will insure and what they won't. Instead of speculating you can get concrete information and make better decisions. Taking this property subject to seems risky to me without knowing what you're dealing with. You might find out that your seller doesn't have a legal right to sell the property. You might find out that the lender's liens may be unenforceable and that you won't have to pay them off. Who knows what you might find but start with a title company to help you out.