Foreclosure in Jacksonville>Question Details

fidos1234, Home Buyer in West Palm Beach, FL

how do I find out how much is left on a mortgage?

Asked by fidos1234, West Palm Beach, FL Mon Nov 5, 2012

I am looking to buy a condo that is near forclosure. how do I find out how much is left on the mortgage

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8
Hi fidos 1234,

Unfortunately the sellers lender isn't going to tell you what is owed on the loan. That is not how the process of buying a pre-foreclosure works.

When buying a condo, that is near foreclosure, the sellers lender wants market value or a net value they have in mind, and that is a process that won't be done without an offer submitted with the proper documentation provided.

Is this home on the market? Do you know the seller? If you know the seller you can ask them. If they don't know, they can ask their lender. If the property is listed for sale, get yourself a real estate agent and they can walk you through the process. Mind you, it is not a fast process. And, sometimes, sellers have had enough and don't care any longer and just walk away.

Hope this helps a bit

Sharon Molnar
First Coast Realty Associates
sharonmolnar@att.net
1 vote Thank Flag Link Mon Nov 5, 2012
Best bet is to look up the tax records for how long ago they purchase the home and for what price. A rough estimate should give you am idea of what you are looking for
0 votes Thank Flag Link Fri Apr 4, 2014
Agreed with Debra. Tax rolls will tell you nothing and, the price they paid or the amount they owe is not relevant.
Flag Fri Apr 4, 2014
Tax records don't show what someone owes on a house!!!!
What difference does it make how much they paid for the house??? What "rough estimate" can you do? They could have refinanced several times already.....or have liens against the house........
Flag Fri Apr 4, 2014
Why would that matter? It's not relevant to your endeavors. They can owe ten dollars or ten million and it won't have any bearing on what you are trying to do. To your question though...unless the current owner gives you a copy of their loan statement, you don't get to find out.

If the property has had the notice of default filed, the amount in arrears is public information. That only tells you how behind they are. If the notice of sale or motion for summary judgment has been filed, the amount of the original indebtedness is listed as public information but at the end of the day, you are only going to find out how behind they are and what they orignally borrowed, not how much they have left on the loan. Again, even knowing that, it doesn't have any bearing.
0 votes Thank Flag Link Fri Apr 4, 2014
Hi Fidos,
You may contact the Realtor in the area or check the courthouse record. It may disclose the balance on the property before the lender acquire the property.

Most of time I figured out the balance on my client mortgage.
Gloria J. Young
AllPro Realty Specialists, Inc.
(904) 739-9000
0 votes Thank Flag Link Tue Dec 18, 2012
Hi fidos 1234,

This is a question the Seller may not know. We once had a short sale and the owners didn't realize that their home equity loan was part of their loan. Then we had a short sale last year where there was a second lien that not even the attorney negotiating the sale knew about until two days before closing.

An estoppel letter may be obtained by the Seller for the balances, but it costs money and frequently they don't want to spend anything on a property they are losing. And the seller can also call and ask for the payoff.

And to find that mysterious second lien, a title search had to be performed, which costs more money.

Be sure to work with a knowledgeable professional - Realtor or attorney - to guide you through this process.

Hope this was helpful.

Best regards,

Sharon Alters
Coldwell Banker Vanguard Realty
904-673-2308
sharon@teamalters.com
0 votes Thank Flag Link Mon Nov 5, 2012
As answered by Rosina speak with the bank if you have interest on the property. If you do not have interest inte property contact your local property appraisal. Jacksonville's property appraisal website is http://www.coj.net
0 votes Thank Flag Link Mon Nov 5, 2012
You could ask the seller/owner how much he/she still owes. Many of them don't mind telling you if you have a relationship as a buyer. Of course, it doesn't matter how much they owe if it's being short saled. Or you could look it up on the county record if you undertand how to read the note.
0 votes Thank Flag Link Mon Nov 5, 2012
I agree with the first part of your statment. The last sentence, I don't. That's only going to tell you how much they borrowed, not how much they owe.
Flag Fri Apr 4, 2014
If you are the homeowner, you have the right to contact the mortgage company and request a payoff. If you are not the homeowner, your name is not on the Note or Mortgage, then the lien holder will not converse with you. You could check online at the clerks website and try to 'guesstimate' on how much is due.
0 votes Thank Flag Link Mon Nov 5, 2012
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