Foreclosure Title search ( liens & Mortgages )

[Adam Rivera]

I am new to the Real Estate foreclosure world. I have taught myself a bit on how to do TItle search on my own but I am no professional and I am still confused on the Order and Hierarchy of mortgages. If I were to buy a building that is in second mortgage foreclosure. Would I have to worry about the First mortgage (below the Second Mortgage ) or the third mortgage ( Above the Second mortgage )? Also I am a bit confused on. At what point do files matter to me as a buyer is it the date of the mortgage or the date of the foreclosure because I noticed some foreclosures can go on for a long time which gives the property more time to add more liens and such to the record pull? 

Can somebody Explain things I have to look out for and the order/Hierarchy. I live in illinois / Chicago The response doesn't have to be related to my state laws I just need over all Info Basic rule of thumb.   

Thank you, 

[Chris Seveney]

@Adam Rivera

Simple. You are responsible for anyone in front of you. So if you buy a 2nd position foreclosure you are responsible for the first position

Where dates come into play a lot is liens - if the liens were filed and recorded before a mortgage they are in priority.

[Dan Deppen]

I recommend reading Bulletproof Title Due Diligence by Alex Goldovsky.

[Jonathan Klemm]

Hey @Adam Rivera - Great question... @Chris Seveney gave you a pretty spot-on answer.  You just have to worry about clearing the liens in front of you in line.

If you are looking to specifically buy some notes in Chicago feel free to reach out...I know someone that would be a good connection for you!

[Marc Phelps]

If you are buying in Illinois regularly, I'm happy to pull title for you before you buy from time to time.