How can you find out if there is a mortgage on a property ?"

relent_lezz · Joined: 02 Apr 2008 Posts: 2 2.16 Dollars($)

Hello,
How can I find out if a property is mortgaged? I am the beneficiary of my recently deceased fathers will.. I live on the East Coast as do my other 3 siblings who are also beneficiaries,my father had dementia so we didn't have much information in regards to his financial status. Only what my brother was telling us.My father purchased the home in 2002 when he relocated to Ca. The executor(my brother) is telling us that there is a large balance due on the property,We have asked for proof and have been put off time and time again.The home is about to be sold,for $90,000 less than it was listed for originally 6 months ago.So, I would like to know if there is a way to find out if there is a mortgage and how much it is?

Thank you in advance for any help... By the way .... The property and will are from California

larry · Joined: 27 Jun 2007 Posts: 2982 416.96 Dollars($)

Hi,

Welcome to the forum.

I think you should inquire this in your county recorder's office to check if the property is mortgaged or there is any lien attached to it.

You can also take help from an attorney on this matter.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Joined: 03 Oct 2005 Posts: 809 118.70 Dollars($)

Welcome relent_lezz ,

You can also try out title search. Check out if the title is free from liens and if there is any lien; request them to find out who holds the lien.

Let me if you have any more queries.

relent_lezz · Joined: 02 Apr 2008 Posts: 2 2.16 Dollars($)

Thank you all for replying. I found a website this morning and ran the property history. I found out that there is a mortgage on the house but I now have another question ...

According to the original deed my father took out a first and second mortgage at the same time. The second one only for 20K. Why would he have done that?

helping_user

Hi relent_lezz,

May be he wanted to purchase and at the same time make some improvements on the house. I think if you contact the lender who has offered the loan, he'll be able to tell you about the purpose of the two loans, provided the second loan has been offered by him.

I support the idea of going for a title search on your home. The title company offering this service will provide you with a title report reflecting the liens and recordings that can affect your title. The title company can also provide you with copies of mortgage documents.

Thanks.

michelle · Posted: Sat Apr 05, 2008 5:41 pm Post subject:

Welcome to the forum relent_lezz,

In regards to the second mortgage, many people take out what is called a combo loan - a first mortgage and a simultaneous second mortgage. The first mortgage usually is at 80% loan to value or less. There are several reasons for financing this way:

1. Loans over 80% LTV often carry mortgage insurance which until this past year was not tax deductible.
2. The first mortgage if kept at 80% LTV or less often carries a lower interest rate than a loan going above that LTV.
3. If the loan carries a pre-payment penalty on the first mortgage and the borrower knows they will be making substantial payments in the next few years they may opt to obtain a second mortgage to avoid some of those penalties.

Please let us know if you have any further questions.

All times are GMT - 7 Hours

Page 1 of 1