Is there anyway to find out the remaining mortgage balance on a property I'm intrested in?

Question

Couple are going through a divorce, and I would like to make an offer, but I would like to know what kind of equity is built into the property.

Answer 1

Go to the court house and find a copy of their mortgage. These are filed in the recorders office (or whatever it is called in your area). It will list the mortgage amount, the payment, and the interest amount. You can use a financial calculator and these figures to determine the balance. Some counties have this info available online. It can get tricky if they have more than one mortgage, or a line of credit, etc.
I agree with you, doesn't hurt to know the bottom line when making an offer.

Answer 2

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RE:
Is there anyway to find out the remaining mortgage balance on a property I'm intrested in?
Couple are going through a divorce, and I would like to make an offer, but I would like to know what kind of equity is built into the property.

Answer 3

Check the county real estate office.. They will have the value of the property based on taxes.. If you think the couple will be influenced by what they owe on the property, or the equity they have in the house, your probably wrong..If the house is going into foreclosure,the bank will ask for 66% of the value of the property to start.. If the bidding doesnt reach that mark, they will bid against the bidders,and keep it..The only way you could get a break is if the house was in TAXES delinguent at sheriffs auction.. There its started at 66% of market vallue, but there too there are usually many bidders if the property has good market value..Usually one or the other divorcers want to keep the house. But , you neve know. I don't anyone who would take an offer to pay off balance due... They can get a I BUY YOUR HOUSE FOR CASH, guy and come out better than selling it to you.. But give it a shot!! You never know... SOLOMON

Answer 4

where is the property and what were the terms of the mortgage? in most states, you are on the hook for the amount the loan owner loses on the deal -- that's the balance owed MINUS the net amount from the foreclosure sale. However, damage to the property after it is foreclosed [all too common these days] is the responsibility of the owner at the time -- which isn't you. that's what they buy insurance for. In other states, various limits on your liability may apply depending on several details which you didn't disclose. You may want the advice of an attorney.

Answer 5

My question is this. I do alot of refinances for divorced couples thru some attorneys in my town. First an indipendant appraisal is done to get the value of the property that is in question. Than the attorneys get with the clients and draw up property settlements for their clients. The value of the property is the issue. They will want top value if selling the property - since their will be bills to settle, and a mortgage to payoff. If a refinance, than the spouse that will be living in the home, will have to pay off the other spouse a certain amount.

So, if you are looking to get the home at a lesser value than the appraised value...You may not have a chance. Since any equity in the home has to be "split" between the two.

Answer 6

The information you seek is private and confidential. At best, you may be able to determine the value of the mortgage when it was first taken out, but its current value won't be available to you unless the couple provides the information willingly.

Answer 7

Go to your local title insurance company or your agent would be able to pull it up. It is available it is not hidden. Any one may find out what is owed on any property. But beware they may have a hidden one. That is why you have title insurance.