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  1. #1
    Join Date
    Jul 2010
    Posts
    2

    Default Foreclosure Title

    My question involves a foreclosure in the State of:
    Hi,

    I just bid foreclosure auction house. And the house's foreclosed by Deutsche Bank National Trust Company. The property has junior lien with CitiBanks. I hire a lawyer to work on closing and title search. we got commitment letter from tittle insurance company that they agrees to issue the title insurance for lender and homeowner title insurance.
    My question is,
    1. When the title insurance issues the insurance, does it mean the title is clear ?
    2. Does Seller (Deutche Bank) suppose to clean the title before they tranfers tittle ?
    3. Most the foreclure sale, the mortgage lien holder does not send the "discharge mortgage" to register of deed. Does this mean the lien is not released ? And how does lien holder release title without send "discharge mortgage" document to register of deed.

    Oh, The house is in Boston, Massachusetts.

    Thank you so much for your helps.
    Bruce

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    98,846

    Default Re: Foreclosure Title

    The title insurance company's willingness to issue title insurance means that they're sufficiently satisfied with the title that they're willing to insure it. It's not a guarantee of clear title - the whole point of the insurance, after all, is to cover you if a problem arises, and problems do at time arise.

    Odds are you're going to acquire the property "as is", with no further promises or warranties from the bank. I can't read the proposed contract from here, so I suggest you read it carefully and have it reviewed by your lawyer.

    The sheriff's deed would be part of the title history, reflecting the foreclosure.

  3. #3
    Join Date
    Jul 2010
    Posts
    2

    Default Re: Foreclosure Title

    Thank you so much.

    There are two mortgage liens on this property. and Deutsche Bank is the senior lien on this. My question, when the deed is transfered to me. Is it second mortgage lien wiped out ? In many case, In the forclosure sale the previous mortgage lender (bank) will not send "discharge mortgage" or similar document to country recorder office (register of deed), the question is how is the lien removed without document from Bank ?

    Thank you
    Bruce

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