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Posted by Chris W. on April 25, 2002 at 23:56:01:
In researching a foreclosure at the County Recorder of Deeds office the property has two mortgages listed that do not show releases. The mortgage in foreclosure is the most recent. The other mortgage, earlier date so would be the first (?), is for $1,000 less than the second. It's questionable if the property is worth what both mortgages come to. So my question is - would a bank give a second mortgage for more than the first when the property value wouldn't justify it - and, I was told sometimes the release is sent to the mortgagee and they don't know they are supposed to record it - but most of all, how can one protect themselves in trying to research title when banks and attorneys involved in foreclosures refuse to give out any information at all? Am I expecting to be able to find out too much prior to the auction or do I just not know what I'm doing? Thanks for any advice!
