Always conclude your ForeclosureResearch with a title report. The title report (title search) will confirm what has been found in the foreclosure file and will assure you that nothing has been missed. To do this you will need to access the official records in the county which the property is located. I have provided links for the counties here. ForeclosureResearch/Official Records Links

In a few counties there is no direct online link to the official records, my link will take you to my Florida, if this is the case locate properties in another county or go to the Clerk of Courts Office to conduct the official records search there. It is far easier to conduct your ForeclosureResearch online.

You, at this point should have your property auction list, your superiority checklist and your chain of title created from the information in the case file, as described on previous pages.

ForeclosureResearch: Using Official Records

When accessing the official records it is best to run a query of all Defendants to understand their claim upon the property and to make sure that there have been no encumbrances or mortgages upon the property which were not listed in the foreclosure case file. This rarely happens, but its easier to check than to find out later that the foreclosure file was missing a superior mortgage or lien which you will then be responsible for. If this does happen, there is no recourse, they are superior you are responsible.

ForeclosureResearch: Conducting A Name Search

As you query the names of the Defendants make sure to view the documents of conveyance. All Defendants are not owners of the property, many will be parties of interest which may have a claim upon the property. It is your job to figure out who is owner and who is party of interest and what interest is held. Many foreclosures will have a bank or home owners association listed as defendants. Just because they are listed as Defendants does not mean they are inferior. I have listed IRS and Dept of Treasury as Defendants in civil cases and they were definitely superior. If one of the Defendants listed is a bank or federal agency, don't query them by name you will have more returns than you can handle. If a bank is a named defendant, look for a mortgage, Lis pendens or judgment as a cross party when conducting the name search for the owners. If IRS, federal,or state agency is named Defendant look for a lien or judgment as cross party when conducting your owner name search.

ForeclosureResearch Example:
Plaintiff: Bank One
Defendant List: Mark Jolen, Bank Of NY as Successor to Chase Bank F/K/A Barnett Bank, Dept of Treasury

When conducting the query for Mark Jolen I would expect to find a mortgage from Bank of NY or Chase or Barnett. If I locate a Lis Pendens and they are named as Plaintiff they have initiated a foreclosure action, if I locate a judgment the property has previously been auctioned for foreclosure or the case disposed. I would view the mortgage documents to confirm the mortgage is superior or inferior based on finding previously discussed. Likewise, I would expect to find a lien from the Dept of Treasury returned when running a query by name of Mark Jolen.

ForeclosureResearch Tip: Conduting A Legal Description Search

In most counties you can also query by legal description. I much prefer to conduct title research in counties where I can query by both legal description and name. This is a useful cross reference, when documents appear in the foreclosure file, and in my name search and the legal description search I know there is nothing else to be found.

ForeclosureResearch Tip:Avoid These

As a new foreclosure investor I would avoid those properties that:

• have superior mortgages
• have IRS liens
• have Dept of Treasury Liens
• have Department of State liens
• I could not create a chain of title for
• I could not create a superiority checklist for.

There has been some recent law changes put into effect that impact which liens are superior to the issuance of a tax deed and certificate of title, if you invest in tax deeds,foreclosures or certificates you will need this important update to my information.
Update To Info

While I can't expose every conceivable title report issue you may encounter, I believe the information here will give you a start in the right direction. it takes time to understand the process, and we have spent decades researching titles and obtaining properties. If you are new to this investment type, avoid properties which you don't understand. In time you will reach the point where it fits and you can purchase more properties based on your experience, instead of what you have read. Everyone wants a quick fix, but for this investment there isn't one. Many investors have forgone purchasing foreclosures at auction and instead reduce their risk by contacting the owners pre auction and banks after auction (procedures and requirements for both explained on previous pages). By opting to do this they can obtain a normal closing with title insurance.

The information found here is my opinion and should not be interpreted or construed as legal or professional advice. No legal or professional advice is being given and the use of this information is at the readers own risk and peril. It is advised that those considering this investment should seek qualified legal and professional services.

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Mortgage Foreclosure (on nav bar)
The portal page for Florida Mortgage Foreclosure Investors.

Foreclosure, What is
Foreclosure Types, What Is & Why Buy, Find Your Free Auction List.

Foreclosure Auction Basics
The Basics, Winning Strategy, Requirements

Foreclosure Liens
You had better know what is superior before you bid.

Foreclosure Lien Finding
Locate Liens and Mortgages using the case file.

ForeclosureInfo
What can be found where, creating a superiority checklist, chain of title tips, foreclosure file retrieval.

Foreclosure Buying
Buying foreclosures before the auction. The winning strategy for buying from the property owners. Short Sales Info.

Foreclosure Deals
How to contact the bank first, after they obtained title from a foreclosure sale. Be first and win.

Foreclosure Research Tips
D.I.Y. title search, title reports, info on how to conduct due diligence.

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How to keep your profit and save big money with these tips.

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