How can I find out if a property has a second mortgage on it without doing a title search through the title company?
I’ve search the public records but it seems when someone refinances a loan it looks like a termination of loan has happened, then a new one takes its place.
Is there a way to differentiate from the two, finance and refinance? Just want to make sure I’m understanding the paper work.
@Gibran Del Giudice you are looking at the same public records a title company will. If someone refinances then yes they are paying off their previous loan. That is what RE-finance means. The new loan pays off and replaces the original loan. The new loan is in first place.
If someone takes a second mortgage it will usually be a smaller loan amount. A key is if there is no release for the first mortgage then the newer mortgage is likely a second.
If it is not obviously whether the new loan is a second or a first, then a title company can do some extra digging.They can contact a lender or the title company that handled the transaction to clarify.
@Ned Carey thank you
@Gibran Del Giudice you are welcome. I hope you found it useful.