Posted on: 22nd Dec, 2010 09:34 am
hi guy!
we have brought a property in Niagara falls. it was a quitclaim deed. we didn't do a title search before the closing. how ever, i just found out house has open mortgages. house has no liens. there is one possibility that previous owner might have paid in full. it's it just too confusing. cuz he got a mortgage over 13 years ago. how come it will stay one till now.
i want to know what will happen to our new house if there is a open mortgage? who will pay for it? any help and advice will very help. i hope we didn't get screw up..
we have brought a property in Niagara falls. it was a quitclaim deed. we didn't do a title search before the closing. how ever, i just found out house has open mortgages. house has no liens. there is one possibility that previous owner might have paid in full. it's it just too confusing. cuz he got a mortgage over 13 years ago. how come it will stay one till now.
i want to know what will happen to our new house if there is a open mortgage? who will pay for it? any help and advice will very help. i hope we didn't get screw up..
Hi awanamir!
Welcome to forums!
It would have been better if you would have gone for a title search before purchasing the property. If there is a mortgage on the property, then the borrower of the loan will be liable for paying it off. If the borrower does not pays off the dues, then the lender can foreclose the property. You should immediately contact your seller and check out the matter with him. You should even ask him to pay off the mortgage asap.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It would have been better if you would have gone for a title search before purchasing the property. If there is a mortgage on the property, then the borrower of the loan will be liable for paying it off. If the borrower does not pays off the dues, then the lender can foreclose the property. You should immediately contact your seller and check out the matter with him. You should even ask him to pay off the mortgage asap.
Feel free to ask if you've further queries.
Sussane