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Updated almost 4 years ago,

User Stats

55
Posts
31
Votes
Austin Smith
  • Real Estate Agent
  • Newark
31
Votes |
55
Posts

Help! Ready to close but seller's can't locate 2nd mortgage

Austin Smith
  • Real Estate Agent
  • Newark
Posted

Hello BP'ers! 

Any title companies that can help?!  

So we're ready to close on a transaction and for whatever reason, the seller can't locate a payoff for a 2nd mortgage that showed up on title.  He says he took out a 2nd mortgage a little over 10 years ago and forgot about it. The original mortgage lender went out of business and we can't for the life of us find who the 2nd mortgage belongs too. It doesn't even show up on the seller's credit report. The current title company has searched everywhere but I feel like there can be a little more done. What lender makes it difficult to not get their money back? 

Any suggestions from BP'ers or title companies to get this closed?!  

A big deal. 

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