Bank Owned home with 3 mortgages, is it a clear title?
Hi, We are interested in a home that is bank owned. The home had a first mortgage and two second mortgages. Our realtor told us that the second mortgage is the one who forclosed on the home. How do we know that the title is clear of other liens? The first mortgage was double the amount of each of the second mortgages. What happened to the other mortgages (first one and the other second)? If a home is bank owned, are all mortgages/liens on the property automatically cleared? Thanks for the advice.
Christine