West Babylon NY Co-ops - Why Are There 2 Mortgages?
Saturday I picked up my homeowner and off we went to meet the home inspector for the home they are buying. Yes, that went very well. No major problems!
On our way there, they tell me that their attorney found 2 mortgages when she did the title search. They explained that when they refinanced for the interest rate, the old mortgage never came off. It looked like they have two mortgages! They refinanced many years ago too. They still have the documentation for this so when their bank who is giving them the mortgage asks about it, they will be able to furnish paperwork showing they have one mortgage.
Fortunately, this will not be a problem for them and the buyers who are buying the co-op.
Lesson: when you are selling your home, ask your attorney if they will do a preliminary title search. We tend to forget what we do with our finances from 20+ years ago!
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