All Forum Posts by: Sandy Reddy

@Chris Mason

Thanks for your inputs.

@Wayne Brooks i am not clear about what happens if the refinanced lender foreclose and try to auction at sheriff sale. Does the winning bidder responsible for original 2nd mortgage ?

I am trying to understand from sheriff sale purchase perspective.

Hello Everyone, I am new to BP, I am trying to understand about mortgage positions in a title search. Would be a great help if someone can provide details.

A property first mortgage is recorded on some x date
A second mortgage is recorded later after first mortgage recorded date.

Later When ONLY first mortgage is re financed. Would the refinanced lender have a new recorded date ?

And if the refinanced lender forecloses the property, and up for sheriff sale, does the winning bidder responsible to the second mortgage. Whenever first mortgage is re financed does the recorded date change in the title.

@James Ehrig Thanks for your inputs.

This property does not have home equity loan. 

I am still not clear if the original 2nd mortgage will be the first lien holder and the refinanced lender second lien holder. And if the refianced lender forecloses the home, and try to sell in sheriff sale, does the winning bidder responsible to original 2ns mortgage ? 

Hello Everyone, I am new to BP, I am trying to understand about mortgage positions in a title search. Would be a great help if someone can provide details. A property first mortgage is recorded on some x date A second mortgage is recorded later after first mortgage recorded date. Later When ONLY first mortgage is re financed. Would the refinanced lender have a new recorded date ? And if the refinanced lender forecloses the property, and up for sheriff sale, does the winning bidder responsible to the second mortgage. Whenever first mortgage is re financed does the recorded date change in the title.

@James Cassese , yes the refinanced bank is foreclosing the loan.

Hello All, I am kind of new to the bigger pockets forum. Pardon me if any of my questions doesnt make sense.

I am interested to buy a sheriff sale property in Hudson county NJ. And here are my findings

First recorded mortgage is with Bank A for X amount and has earliest recorded date

And second mortgage is with Bank B for y amount and recorded date is after Bank A recorded date.

First mortgage ONLY got re financed by Bank C and has a new latest recording date.

Now Bank C is foreclosing the property, since Bank C has the latest recording date, if I bid and win this property, am i responsible for second mortgage amount, as the second mortgage BANk B recording date is earlier to Bank C ?

Little confused with these recording dates. I am trying to find a foreclosure attorney to discuss in detail but meanwhile can some BP experts throw some light.

Regards,

Hello All, I am kind of new to the bigger pockets forum. Pardon me if any of my questions doesnt make sense.

I am interested to buy a sheriff sale property in Hudson county NJ. And here are my findings

First recorded mortgage is with Bank A for X amount and has earliest recorded date

And second mortgage  is with Bank B for y amount and  recorded date is after Bank A recorded date.

First mortgage ONLY got re financed by Bank C and has a new latest recording date.

Now Bank C is foreclosing the property, since Bank C has the latest recording date, if I bid and win this property, am i responsible for second mortgage amount, as the second mortgage BANk B recording date is earlier to Bank C ?

Little confused with these recording dates. I am trying to find a foreclosure attorney to discuss in detail but meanwhile can some BP experts throw some light.

Regards,

@Ned Carey , to the best of my knowledge "Sheriff Sale" in NJ doesn't mean only mortgage foreclosure. I have seen HOA foreclosures too.

@Robert LaBrie thanks for your inputs.