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Updated over 14 years ago on . Most recent reply

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Devlin Man
  • Real Estate Consultant
  • Boston, MA
0
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1
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Question about title of a foreclosure property with multiple mortgages

Devlin Man
  • Real Estate Consultant
  • Boston, MA
Posted

BP Community,

I'm looking to purchase a property in Boston, MA which has a troubled past. There are approximately 5 mortgages recorded against this property and only 1 release recorded. The holder of the initial mortgage is foreclosing on their mortgage and I'm a little wary since only 1 has been released.

I'm trying to figure out if I'll need to try to settle with the other lien holders, or if their lien is worthless since the property won't sell for more than the original mortgage amount. I'm trying to avoid getting a title search done this early in the game because most of the title companies I've spoken with want $300 or more since the title isn't in great shape. I realize $300 isn't a lot of money in the grand scheme of things but this is in the early stages so I'm trying to avoid it if possible. Maybe someone knows of a title company that isn't going to charge an arm and a leg?

Any input would be greatly appreciated, thank you!

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