Hello,
I just bought a foreclosure property from public auction sale. The property has two mortgage on this. The lender foreclosing the property is primary mortgage (senior lien). I hired a lawyer to look over the "Memorandum of Sale" and do the title search and title insurance. I got a commitment letter from title insurance company to issue insurance for this property. I was told my my lawyer that I will get clear title. However there are couple questions I am not clear.
1. How does second mortgage lien get clear? As my understanding, the mortgage lien will be removed until the lender sends "discharge mortgage" document to county register of deed. In many case of foreclosure property, the lenders does not send any documents to county register of deed (recorder office). My question is, how's mortgage lien removed without lender send somthing to recorder office ?
2. In the Memorandum of sale states that I have to close within 30 days. However the seller delay the closing day due they do not have legal documents to tranfer the property. In this case, Will I lose $5000 deposit ?
Please help me to have the answer these questions.
Thank you so much
Bruce
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