Can somebody please take a look at this title history to a home and help me understand the following...?

Question

Here is the link:

http://www.scalesandrhythm.com/snr/TitleHistory.html

I was told that a house I may be interested in buying is in danger of forclosure and is currently being held by the bank.

I am trying to understand where the forclosure info is coming from as per my realtor. I dont see a bank, unless M.K. Investments is the one holding the lien on the property.

It appears that when you scroll down the PDF that BLAZER CONSUMER DISCOUNT CO WASHINGTON MUTUAL FINANCE were the grantors to M.K. Investments in 2003 for 27,900. Then M.K. Investments held the property somehow at the purcahse price of $1. Then M.K. Investments granted the money to purchase the property to Mr. Goode for 69,900. If I am correct, which I very well might NOT be then M.K. Investments bought the property for 27,900 in 2003/2005, held the loan for 69,900 on the Good family in 2005 and still holds the loan.

Does this sound accurate?

Answer 1

Who knows, your link doesnt work.

Answer 2

This should make it easier for you to understand. I removed the last names of the current owners for their privacy. However, if your Realtor advised you it is in jeopardy of being foreclosed on it is Mary and Jeffrey that own the property and BNC would be the lender that would foreclose. Foreclosure information will not appear in regular title information hope this helps.

Recording Date 11/23/2005 Document # 5478506
Price $69,900 Document Type Deed
First TD $59,415 Type of Sale Full Amount on Deed
Mortgage Doc # 5478507 Interest Rate 9.1 %
Lender Name BNC MORTGAGE INC
Buyer Name JEFFREY P; , MARY A
Buyer Vesting Tenants by Entireties
Seller Name MK INVESTMENTS INC,
Legal Description
City/Muni/Twp: LANCASTER

Prior Transfer
Recording Date 07/11/2005 Document # 5438427
Price N/A Document Type Deed
First TD N/A Type of Sale Transfer Tax on doc. indicated as EXEMPT
Mortgage Doc # Interest Rate
Lender Name
Buyer Name MK INVESTMENTS INC,
Buyer Vesting
Seller Name MK INVESTMENTS,
Legal Description
City/Muni/Twp: LANCASTER

Answer 3

Not at all. I checked the link you provided, and there is no indication there of who might hold any mortgages. If you are referring to "grantor" or "grantee", those terms legally translate to "seller" or "buyer". From what I can see, at some point Washington Mutual foreclosed the property and became the owner. Then it was sold to MK Investments, who sold it to the Goode family. If you want to check the holder of the mortgage or encumbrance, you will have to access those numbered documents which are referenced.

Answer 4

If you want a correct reading of this transcript you should go to a title company in your local area. Someone in the title company will be able to explain the chain of ownership and will also be able to tell you if they will insure the title if you purchase the property.

I hope this has been of some use to you, good luck.

"FIGHT ON"