All Forum Posts by: Patrick Tung

In doing due dil on a newly released tape of junior liens,  I see several properties on this  that are listed by Zillow as being already sold. I have several questions related to this circumstance.

1) Why are these tapes being released with liens that apparently are no longer valid?

2)  If property was sold either by a traditional sale or a short sale, the second lienholder would have had to be paid off to clear the title Is this correct? In this case, the credit report would reflect this account as being "closed"?

3) If it were foreclosed on and taken back by the lender, the junior liens would become unsecured debt. What would appear on the credit report in this case?  I am assuming that the property would not be listed since the lien is no longer attached to the property?