2nd Lien Search Products
What is the difference between secured and unsecured mortgages?
A secured mortgage is one that is open and attached to the property. An unsecured mortgage is one that was either paid off or wiped off due to foreclosure.
Is there a product that verifies if a junior mortgage is unsecured?
Yes! We offer several products which verify if a junior mortgage, also referred to as a 2nd lien, is secured or unsecured. We have even implemented budget friendly solutions for clients who do not need a full search product.
Most of our clients typically order this product first to get an idea of the mortgage status. We use our home developed full automation to verify if the 2nd lien is unsecured by comparing the current owner, last sale date and last sale amount of the property to the borrower’s name and origination date of the 2nd mortgage provided by the client. The results are returned in an excel spreadsheet.
Designed to be used after the $1.00 Search, we use our custom automation to check for deed types, sale amounts and dates in transactions recorded after the origination date of the 2nd lien. The product is used to further convert "Possibly Unsecured" results due to borrower name mismatch with current owner's name, to "High Chance Unsecured" or "Possibly Secured" by examining chain of title transfers for any deeds that may have unsecured the 2nd lien.
BK Status Search by Name
ProTitleUSA will give a “Y” or “N” output if any bankruptcies were filed against the given borrower. For a more comprehensive search which includes the case status, filing chapter, case number, filing date, verification if the subject mortgage was stripped, and a detailed review of the case, our Full BK Search is also available.
2nd Position Mortgage Search1. A search of the 2nd position mortgage and related assignments
2. A search of the 1st position mortgage to answer the below questions:
-Was it foreclosed? If yes, the foreclosure deed will be provided.
-Is it in active foreclosure? If yes, the foreclosure documents will be provided.
3. A search of additional changes of ownership that would unsecure the loan such as:
- Tax Sale Deed
- Municipal Sale Deed
- Court Order Transfer (Quiet Title, Bankruptcy Court)
- US Government Deed
- HOA Deed