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mortgage vs deed

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markc13 Guest	Posted: Thu May 20, 2010 3:06 pm    Post subject: mortgage vs deed Like 0 Dislike 0 I purchased a house in PA from a deed holder who acquired the property via an upset tax sale. A year later an attorney contacts me to say a Bank of America mortgage is outstanding on the propery. The mortgage did not come up in a search since the deed and mortgage were not recorded in the same name. Title insurance was not available to me because the deed was not in the last owners name for over 1 year. Who is responsible for the outstanding mortgage? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu May 20, 2010 9:38 pm    Post subject: Like 0 Dislike 0 Hi markc! Welcome to forums! The lender holds the lien on the property and has the rights to recover it. The last owner whose name is mentioned on the mortgage docs should be held responsible for the loan. You should immediately contact that person and ask him to pay off the loan. Feel free to ask if you've further queries. Sussane
jheard Moderator Joined: 12 Dec 2007 Posts: 742 Location: Houston, TX 117.92 Dollars($)	Posted: Fri May 21, 2010 6:48 am    Post subject: Like 0 Dislike 0 Tax sales typically foreclose on any inferior liens such as a mortgage so the mortgage would not apply. Otherwise you are responsible. It depends on your local laws. Contact a local real estate attorney. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.

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