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Finding Mortgage Information…

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Who is the mortgage with

One of the first things I hear from people when looking into a REO or foreclosure property is who has the current mortgage. Being, what lender has the mortgage. I think most people think they might get a better deal if they know who the mortgage is with, given there current financial situation on Wall Street.

Truth of the matter is, it doesn’t matter. Good luck trying to find it if you are looking for it. Mortgage information is not public information unless you can find it in the legal publication where the lender published the information to initiate the foreclosure process which runs five weeks.

I think most people think they can buy the property at whatever is left on the mortgage and to be honest, banks will not do that. They will try to sell the property at market value and are definitely not going to part with leaving equity in the property.

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By Jason Sandquist | October 11, 2008 | Filed Under Mortgage/Finance 

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