Review the loan documents:
• Are the signors on the note and mortgage the same?
• Is the legal description correct?
• Are the names and dates on all loan documents consistent?
• Is the legal description in the title policy consistent with the mortgage?
The title search:
• Order the title search immediately
• Limited title search (from date of mortgage) or full search
• Does title search show deeds and mortgages properly recorded and properly indexed?
• Are there any different spellings or variations of names?
• Did any owner fail to sign the mortgage?
• Subsequent owners are necessary parties if they still own the property – intervening owners who no longer have an interest in the property are not necessary parties.
• Prior lienholders are not necessary parties as their position cannot be affected by your foreclosure.
• If the title search reveals past due taxes, there is the risk of losing the property at a tax sale. If the property has been sold for taxes, there is only one year to redeem.
Please see full publication below for more information.