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I'd have to say, in this new financial crisis, that a tenant worrying about security is a concern. However, the amount of money involved is nobody's business. Asking, "Is this house under lien or clear title?" is OK. The landlord will tell you anything else he want's you to know, but any experienced landlord knows that information is a valuable and dangerous commodity. Tenants and Landlords aren't friends, they're business associates.
I looked up the info on a neighboring house to mine because the owner/landlord was offering to sell it to me and I wanted to know how much the mortgage was for initially and when he took it out. I learned that it was from Wells Fargo, 1998 for $58,000. It also showed that he had owned the house since 1982 and paid it off once since, and re-financed it three times since then.
So it might not be their "private mortgage" information, instead a deed and some other stuff, but still has a lot of info.
Question here. When did someones private mortgage become a public record? We are talking mortgage and not deed aren't we?
Mortgage and Note Secured by Deed of Trust are often used interchangeably... but they are different.
I'm in California and Deed of Trust are used almost exclusively... Anything recorded with the county is public... that's why it's recorded... to make it public.
It is a simple matter to look up any recorded document and Deeds of Trust and often the Note are recorded documents.
Sometimes leases are also recorded as are certain construction documents.
You should at the very least be able to ascertain if the property is free and clear or encumbered and the purchase price, loan(s) amounts, lender of record, etc.
The old saying is information is power.
I have bought several properties by making offers which included the Seller carrying back a note secured by a Deed of Trust after first checking to determine the property was free and clear. I didn't want to waste any one's time with an offer when the Seller wasn't capable of accepting due to a substantial loan balance with a due on sale clause...
I can understand the deed being public but not the amount of the loan. My deeds are all free and clear so I don't know what information is on them. I may just go check that out for the fun of it. I do know my release of liens from the county had no amounts on them.
In my state, mortgages are public records but they don't always say exactly how much is owed. Which makes sense, because even if the original amount is stated, the amount owed will change over time. Most deeds just say "ten dollars and other valuable consideration" or something like that.
Yeah when I checked on the neighbors property it just said what the original mortgage was for, not what was owed. I don't think there's any way the state/city/county etc could possibly keep up on mortgages owed...
I assume you're in Indy huh... Gotta love that giant race track around the city!
I manage to avoid 465 since I work from home and live within the loop, but I don't miss it much. Yeah, there's no possible way a recorder could do a monthly update on every mortgage to record the new amount owed, including interest. Here, you're lucky if the mortgage even has a dollar amount on it - there's no need for it to, since it secures the debt created by the promissory note. And even if the mortgage had the amount of the debt AND the interest rate, I still wouldn't know how much taxes, insurance and PMI added to the payment.
I'm guessing this poster wants to either buy the place or take over the payments OR possibly the landlord is saying s/he can't afford needed repairs because the mortgage is too high.
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