All Forum Posts by: Robert Harris

The title on an REO is typically clean right?

The description on the auction site say: "Buyer will receive a Special Warranty Deed or equivalent". Does that mean the deed will be guaranteed to be clean of any Liens?

Its an Auction.com listing

Auction page

Alternatively if loan #2 if foreclosing i would be held accountable for whatever is still due on Loan #1?

Thanks for the response Jon!
I am not sure which of the two loans is foreclosing?
Is there a easy was to find that out. It dosn't seem to be very clear on the auction site.

This may sound like a stupid question but i need to ask it for his to all make sense to me.
So lets just assume that Loan #1 is foreclosing. If i win the auction at $150k. I would just owe the lender $150k and the 240K forclosed loan just goes away along with the 2nd 90k loan? Or would i still owe a balance of whats left due after the $150k is paid at the end of the auction? 

I am interested in a foreclosure auction and had a PRELIMINARY TITLE REPORT ran on the property.
However i am having trouble understanding it. I XXXX'd out the names:
Can someone dumb this down for me?
Outside the costs of the auction will i be held responsible for costs?

Here is what is listed on the Mortgage/Leins section:

1. A deed of trust to secure an indebtedness in the amount shown below, and any other obligations secured

thereby

Dated: November 14, 2005

Amount: $240,000.00

Trustor/Borrower: XXXXX

Beneficiary/Lender: Mortgage Electronic Registration Systems, Inc. solely as nominee for GMAC

MTG, its successors and assigns

Recording Date: November 22, 2005

Instrument No.: 119543, of Official Records.

An assignment of the beneficial interest under said Deed of Trust as follows:

Assigned To: Ocwen Ln Servicing LLC

Recording Date: August 01, 2014

Instrument No.: 40049, of Official Records.

An assignment of the beneficial interest under said Deed of Trust as follows:

Assigned To: Select Portfolio Servicing

Recording Date: March 13, 2017

Instrument No.: 15015, of Official Records.

An assignment of the beneficial interest under said Deed of Trust as follows:

Assigned To: Select Portfolio Servicing

Recording Date: March 16, 2017

Instrument No.: 15998, of Official Records.

2. A deed of trust to secure an indebtedness in the amount shown below, and any other obligations secured

thereby

Dated: June 26, 2007

Amount: $90,000.00

Trustor/Borrower: XXXXX

Beneficiary/Lender: Mortgage Electronic Registration Systems, Inc. solely as nominee for GMAC

MTG LLC, its successors and assigns

Recording Date: July 31, 2007

Instrument No.: 64922, of Official Records.

An assignment of the beneficial interest under said Deed of Trust as follows:

Assigned To: 21st MTG Corp

Recording Date: August 11, 2017

Instrument No.: 47173, of Official Records.