Public Records Reading- Mortgages, Do home equity loans show or just reverse and second mortgages?

I read public records when doing RE research so I'm wondering. I guess that only second and reverse mortgages show. And why would someone choose a second mortgage vs home equity loan?

Update:

Are we saying that a home equity loan automatically shows as a lien?

6 Answers

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  • vi
    Lv 4
    1 decade ago
    Best Answer

    all mortgages and liens against a property are available if you go to the court house and research the property. and usually people take second mortgages when they already have a first mortgage and a home equity loan is really a second mortgage .

  • 1 decade ago

    Second mortgage or home equities do show, when recorded and this is the issue. I used to work for a title company for a major lender and issues do arise. Some lenders send the home equity to be recorded themselves, lenders don't know all the variables that go into a recording, they miscaculate fees, don't know about cover pages, maybe there's a dual tax id and it costs more, some states only accept single sided mortgages. Maybe the county rejects the mortgage as the font is too small, the notary stamp bled through the paper, or there is no stamp or seal at all. If it's rejected, the county sends it back to the lender, who most times thinks the mortgage is recorded until the borrower goes to refinance and the he is not on record so it takes them 6-8 weeks to go to their vault where they hold everything to either figure out the mortgage was not recorded or they don't have it at all.

    I don't know why people like home equities, for some it's a status thing.....I have a 500k home equity.....some need money quick and dont understand the full economic process and think home equities are a good deal because the rate is low. Like any other mortgage product, home equities have their usefullness, but it's not for everyone or every situation

    Source(s): 7 years title examiner, mortgage broker
  • FRANK
    Lv 5
    1 decade ago

    All recorded mortgages are public record. I served as Recorder of Deeds.

    A second mortgage is any loan that is in a second lien position. But, a second mortgage generally refers to a loan that had a given principal paid at settlement, with specific monthly payment to repay.

    A home equity line of credit has a max amount that can be used, but that does not mean any money had to be draw at settlement. Interest only is paid, with charges made only to the amount of principal drawn. Payments can vary.

  • Rachel
    Lv 4
    4 years ago

    I'm not in the Real Estate/Banking world but I do own a house and rea ding your situation I do feel that you will get approved for a 2nd mortgage. Your debt to income is low according to the information that you gave so this should show some creditablity on your behalf and get your approved. With the low credit score - the interest rate may be a little higher. Best of luck

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  • Anonymous
    3 years ago

    It takes eleven seconds for the YAnswers questions to load for me to be able to click on the [add your answer] box. is my computer slow??

  • 3 years ago

    Was gonna ask this too

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