Home Buying in Wake Forest>Question Details

Bmb, Home Buyer in Wake Forest, NC

how do you find out whats left on the mortgage or what the sellers got a loan for?

Asked by Bmb, Wake Forest, NC Thu Feb 10, 2011

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The original amount of the mortage is the only amount you can usually find. The mortgage is recorded with the "Registrar of Deeds" in the county the home is in.

There is NO WAY to know the mortgage balance. You can estimate the balance assuming normal conditions such as on time payments, interest rates etc. but there's never a way to know the exact balance.

Buyers usually don't need to know this number but will know it before closing since the payoff amont will apprear on the HUD-1 statement which can reviewed before the actual closing.

Please contact me if you have further questions.

Thank you.
0 votes Thank Flag Link Mon Jan 7, 2013
It is possible to do a seach of court house records to find that information. However, and I mean No offence, but that is really none of your business.
Web Reference: http://raleighhome4me.com/
0 votes Thank Flag Link Thu Sep 15, 2011
As a Broker you should know that good buyer's agent will need to know that. It can be very useful to buyer to know what the payoff will be. I have noted your name and company to be sure you don't work for me ever!
Flag Sun Dec 15, 2013
In the Wake Forest area, mortgage information is available to agents through our MLS. It only reflects the beginning balance. There is math that can be done to determine what the balance may be now based on an assumption that payments were made on time and that nothing was pre-paid. But the only hard information you will have prior to making an offer will be the original loan balance. An agent would be glad to help you with this. Happy House Hunting!
0 votes Thank Flag Link Thu Feb 10, 2011
Brb,
A Deed of Trust is recorded with the register of deeds within the county, when the loan is originated. This deed states the loan amount at the time it was originated, and can typically viewed on line thru the county website, or in person at the Register of Deeds office.
However, while a Satisfaction (paid off) of the Deed would be evidenced, there will be no record of how much of the debt has been paid off since it was originated.
In any event, it's a good start. Also, you can ask the Listing Agent / Seller if you wish.
Mark J. Massey
0 votes Thank Flag Link Thu Feb 10, 2011
Your Buyer Agent (or any Realtor) can tell you the original loan amount with just a few clicks. Most don't know where this info is located. There is a link directly from the MLS which will give this info. It is easier than trying to find the information from the Wakegov site. Though, no onw can tell you the mortgage balance without a verifiable payoff request.
Web Reference: http://www.drewludlow.com
0 votes Thank Flag Link Thu Feb 10, 2011
If you would like to call me or email the address of the home that you are interested in, I will be glad to do some research on that property. I can email a link to the public information sites, and explain the information to you. In most cases it is impossible to know exactly what is owed on the mortgage (the principal balance), but you can find information about the original loan amount or multiple loans.

It is also important to know if you are working with a real estate agent who is representing you whether you are interested in selling your home, buying a home, or both.

I look forward to hearing from you.

Janet Conway Rose
919.810.3679
jrose@fmrealty.com
Fonville Morisey Realty
0 votes Thank Flag Link Thu Feb 10, 2011
Hello Bmb,
Your local tax assessor's office will have the seller's loan information on file as it is a matter of public record. Sometimes this information is available on-line on the town's web site (if they have one) or sometimes tax records are available on your local MLS. A real estate agent could find this info for you. However; I don't think that you can find out how much they still owe except for figuring how long they've owned the property and calculate an estimate from there.
Hope this helps.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Thu Feb 10, 2011
Bmb;
The county records should indicate the original loan amount.
The closing agency and/or attorney will be obtaining a "payoff" figure for the loan(s) prior to closing.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu Feb 10, 2011
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