How can one find out the loan position for a property that is coming up for action?


#1

The loan Position is blank , but looking at the transaction history I don’t see any other liens.


#2

Hi Pete,
Do you see the Grant Deed when the current owner took title to the property?You would want to search back to the last full value transfer to see if there are any other liens or loans. You can use the county recorders grantor/grantee index or you can contact your local title company.


#3

Let me add that the loan position we show is only an estimate. You always need to verify the position. Position is primarily based on the order in which loans or liens are recorded. You’ll find a lot of discussion within these forums on determining loan position.


#4

How do you determine if a transfer is a “Full Value Transfer”?


#5

HI Ben, You can pull a copy of the grant deed to verify. The top of the document will have a couple of check marks one if which indicates it is a full value transfer. You want to see that this was when the person took title to the property. The other alternative is a transfer between family members, a transfer of a partial interest, etc.


#6

Why is it that I can start my search from the “Full Value Transfer” and I don’t have to look further back?


#7

It’s a bit more complicated than that. The goal is to find a good “starter record” - a record that you can reasonably assume was a fully insured transaction at which point all prior liens were paid off. There is still no guarantee that they were, but otherwise we’d have to research everything back until the 1800’s and that isn’t reasonable either. :wink:

A good starter record usually includes the following: full value, unrelated buyer and seller, and filed by a title company.

For more on title research, check out the pre-recorded webinar on title research here: http://www.foreclosureradar.com/webinars.


#8

Thanks as mentioned by other members here, the speed and knowledge of the support is highly appreciated. I need to re-review my Ward Hanigan course…