Posted by JPiper on April 17, 2000 at 14:48:34:
I suppose the thing that comes to my mind is that the note was discharged in bankruptcy, and that therefore it was charged off by the assignee. But the security interest for the note probably still exists, unless there was something unusual that occurred in the bankruptcy. This security interest may still need to be released.
JPiper
I need HELP determining 2nd mtge payoff - Posted by NJDave
Posted by NJDave on April 17, 2000 at 10:31:33:
A messy situation. I can’t locate a second mortgage lienholder for a (discounted) payoff. The mortgagee is Banc One Financial Services. They have no record of the loan, the borrower’s social security numbers, or property address.
The titlework (Charles Jones, LLC) show their’s is an open mortgage. I went to the County Hall of Records, and there was an assignment to another Company that didn’t show up in the title search, but that Company has no knowledge of the loan, either. Somebody dropped a $60,000 ball.
The Borrower tells me that the loan was discharged in BNK, but I cannot confirm this.
I want to structure a short sale, but have never encountererd this situation before. I’m uncomfortable with ‘loose ends’ and fear that this one can blindside me.
What should I do?
Re: FOUND ANSWER, THANKS - Posted by NJDave
Posted by NJDave on April 17, 2000 at 12:54:42:
FOUND ANSWER TO PROBLEM. THANKS!!!
Bk info - Posted by Ben (NJ)
Posted by Ben (NJ) on April 17, 2000 at 11:30:50:
Dave, for free NJ BK info call 877-239-2547 or 973 645 6045 or 6044. Often busy so keep trying.
Re: I need HELP determining 2nd mtge payoff - Posted by ScottE
Posted by ScottE on April 17, 2000 at 10:46:03:
Dave,
It is possible, but remote, that the second lienholder sent a notice to the first and they may provide some information as how to contact.
Second, I doubt that the second was discharged in bankruptcy, especially if there was any equity. That whole story should be very easy to verify. Find out where your guy filed his BK and call that Federal court. You can obtain online access to BK records in most areas. The name of the programs are RACER or PACER.
Good luck
Scott
Re: Perhaps not the ‘final’ answer … - Posted by NJDave
Posted by NJDave on April 17, 2000 at 14:25:02:
The mortgagee’s assignment department was able to tell me that the loan was charged off, then the note sold to Bear Sterns. Apparently the recording process went haywire.