How to determine who a first mortgage holder is?
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How to determine who a first mortgage holder is?
I am interested in a property that has been abandoned and or vacated foricibly or willingly. After a quick check for liens, easements, etc. I found out that an LLC was first and second mortgage holder. Well after the loan was in default there was a corperate assignment of the 2nd mortgage to another entity earlier this year. It shows that the LLC still holds first position. However, after research into the LLC, I have learned that they have ceased operations. So since the other entity bought the 2nd position and the 1st is bankrupt, does that mean that the other entity also has first position?
Asked on August 4, 2012 under Real Estate Law, North Dakota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The way to determine who is in first as well as other secured positions with respect to the property you are interested in is to contact a title company and have them provide you with a property profile of the property you are writing about. From the document received you will be able to ascertain all liens of record as to it so you can make an informed decision on the subject.
Positions of record as liens remain they way they are regardless of any bankruptcy filing.
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