Can I sell my condo if my 2nd mortgage was charged off in Jan of '09?

Asked by Gen, Orland Park, IL Tue Apr 9, 2013

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5
Tony Mitidie…, Agent, Orland Park, IL
Tue Apr 9, 2013
The short answer is yes. It was charged off because it was second position on the title, so they had no ability to foreclose and the bank had to do something with the bad debt.

You may or may not be in the clear of the debt. A good title search will allow you to see what is currently recorded against the property.

Please feel free to contact me for a more specific answer.

I hope this was helpful,

Tony Mitidiero
1 vote
Michael Clen…, Agent, Orland Park, IL
Tue Apr 9, 2013
The more recent date doesn't change anything. As long as it is no longer a lien you're in the clear. Sounds to me that you're good to go. Of course, you'll have to satisfy the 1st mortgage in a sale. The 2nd mortgage holder may have provided you with a release. Check your paperwork. A visit to the courthouse in Bridgeview or Markham can tell you what is recorded on your property. I am here to help.
0 votes
Gen, Home Owner, Orland Park, IL
Tue Apr 9, 2013
Oops! Sorry for the typo. Meant it was charged off Jan of 2011. How do I do a title search?
0 votes
Tony, could your please refer me to one? Do I have to pay for it? THanks!
Flag Tue Apr 9, 2013
Contact a local title company. Many of us have existing relationships with title companies. I'm sure anyone here, including myself, would be happy to refer you to one.
Flag Tue Apr 9, 2013
Suzanne Hami…, Agent, Orland Park, IL
Tue Apr 9, 2013
As long as you can provide clear title without a payoff from them. Sometimes charge offs are just that and are not removed from your credit. You need to have something from them or they have to have reported removal of the mortgage. Easy enough to find out. Feel free to give me a call and I can give you some information on how to find this out and what it takes to sell your condo.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
888-788-9544
suzanne@remarketingconsultants.com
0 votes
How do I find out if it's still on the title?
Flag Tue Apr 9, 2013
Michael Clen…, Agent, Orland Park, IL
Tue Apr 9, 2013
Short answer is 'yes'. There are some potential variables. Make sure that the 2nd is no longer on the title and that you have the paperwork to confirm.
0 votes
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