if i buy a house in pre forcloser, after i do the mortgage release form,?

Deal Score0

and do a title search, how do i find out if thw owner didn’t recently take out a loan somewhere else and used the house as calaterall like a personal loan…..

or a house at a forecloser auction
is there a way to protect yourself from that?

3 Comments
  1. Reply
    firemedic311
    February 2, 2011 at 12:30 pm

    CHECK THE TITLE CHECK THE TITLE before you close!!!!!!!!!!!!

    ask me how i know this!!!!! lol

  2. Reply
    John
    February 2, 2011 at 1:13 pm

    You check the title. You can order a title commitment from a title insurance company before you make an offer (or bid at auction).

    You should only close if the title continues to be what you expected.

    A personal loan will not be secured by real property as it would not be a personal loan then. Any loan secured by real property will need to show a lien on the property.

    You can read some articles on the topic and there are even some books.

    Ask if you need specific suggestions.

  3. Reply
    Kenneth D
    February 2, 2011 at 2:13 pm

    You should purchase title insurance. If you do not, at least inquire whether there was a policy purchased during the foreclosure. If there was, you can have that title company do an update. In a foreclosure the potential for liens is greater than in a traditional purchase. You should deal with a title company that understands the foreclosure process.

    Leave a reply

    Register New Account
    Reset Password