Posted by Ben (NJ) on February 25, 2001 at 23:17:28:
It is usually pretty easy to distinguish a first mortgage from a second. The first is generally a much larger amount, and is recorded first in time. The second is recorded later in time and is usually for a fraction of the amount of the first. The article in the paper mentioned an amateur bidder who thought he was getting the bargain of a lifetime by getting a nice home for the $24,000 mortgage amount. However, everyone else in the room knew there was a one-hundred thousand dollar first mortgage ahead of him which he would be responsible for. The same thing happens with tax liens. I own a large portfolio of liens and when I get the title work I can see if someone took title by sheriff’s deed but never bothered to get current with the taxes. When I start foreclosing on THEM they begin to put two and two together and are not happy! As for title work, I recommend Title Services of NJ in East
Brunswick. I have the number at the office but call 411.