Where do I go to find out what is owed on a property

Does anyone know how to go about researching how much is owed on a property?

JoyC :slight_smile:

If Iā€™m not mistaken to find out what the pay off balance is on a loan you must contact the lender. I am pretty sure you need written (faxed to the lender) authorization from the lendee, that its ok for them to discuss thier loan with you.

how good is your title company/attorney? Time to test the waters! they should be able to get you the bank info! And a pretty close to what is owed balance!!

P.S. that should be a free service

You get a title policy pre-liminary investigation. Your loan officer can order it for you free of charge. It will tell you the legal description, the liens against the property etc. When you buy a property, an escrow company (if you are in an escrow state like california) makes sure all the liens are paid off when you buy the property and issues an insurance policy that protects you against liens they didnt discover.

Of course, the title company wont keep doing pre-lims if you dont ever buy a property and buy the title insurance. Lenders will require a title insurance policy because they want to be the first lien in line. If a prior lien shows up, they become 2nd in line, so the title policy protects them.