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[+] title searchers wanted in Va - Dave Gravely (1 reply)
1/14/2004 3:43:18 PM (1488 views)

EFFECTIVE IMMEDIATELY - Jay Duncan
1/13/2004 3:46:41 PM (1289 views)

DocuPen on Ebay - Robert Franco
1/13/2004 12:57:44 PM (1713 views)

[+] E&O Prices - James Guill (5 replies)
1/10/2004 12:42:43 AM (1399 views)

[+] Radian Express - Jay Duncan (2 replies)
1/9/2004 11:20:18 PM (1515 views)




[+] State Licensing - Jay Duncan (13 replies)
1/8/2004 4:27:10 PM (1599 views)

HOT and not so hot List - Helga Hinck
1/8/2004 1:31:16 PM (1188 views)

[+] Review on Docupen - J Davis (5 replies)
1/8/2004 9:47:45 AM (1476 views)

[+] Cell Site Searches - John OConnor (2 replies)
1/7/2004 12:26:53 PM (1487 views)

[+] Software For Orders - Cherie Smurthwaite (1 reply)
1/6/2004 6:51:18 PM (1617 views)

[+] Pricing and Online Databases - Theresa Hartenberger (1 reply)
1/5/2004 11:23:40 PM (1619 views)

[-] PMM searches - need your thoughts - Shawna Skinner (6 replies)
1/5/2004 5:28:08 PM (1755 views)
Re: PMM searches - need your thoughts - Loretta Reed
1/5/2004 5:42:13 PM (2053 views)
Re: PMM searches - need your thoughts - Jacqueline Costa
1/6/2004 3:40:02 PM (2164 views)
Re: PMM searches - need your thoughts - Robert Franco
1/6/2004 3:49:55 PM (2198 views)
Re: PMM searches - need your thoughts - Shannon Blatt
1/8/2004 3:31:03 PM (1972 views)
Re: PMM searches - need your thoughts - Jackie Sikora
1/10/2004 7:26:56 AM (1984 views)
Re: PMM searches - need your thoughts - James Toney
1/12/2004 11:11:08 PM (1888 views)

Re: PMM
Interesting question and answers.

I believe the old general rule regarding a purchase money mortgage pertained to a seller's lein in the form of a mortgage or deed of trust where the buyer(s) gave it to the seller in order to secure a lien against the property until the purchase price was paid in full. If that definition applies within a particular state it would seem to me that a lender who is accepting a current owner search as basis for title would want a mortgage or deed of trust to some other party than the seller, i.e. a strong financial institution that has more than likely required a full search prior to making the loan. Thereby, making the pmm analogous to a Quitclaim Deed from a family member for chain of title purposes.

On the other hand, a newer definition of purchase money mortgage or purchase money deed of trust has begun to emerge through both statutory and case law and the interpretation of the UCC where the purchase money mortgage or deed of trust can give the deed of trust priority over preexisting judgments and liens against the purchaser. I am uncertain as to which jurisdictions this rule has come to apply. I do know that there are cases in Southern 2nd,and Southeastern 2nd, as well as cases arising out of Minn. and NY, which hold some form of this view.

This new definition of purchase money mortgage or deed of trust requires a number elements be met before the mortgage or deed of trust is considered a purchase money deed of trust. One is that the instrument clearly say that it is a purchase money deed mortgage or deed of trust. Another is that the mortgage or deed of trust be a part of the same transaction as the recording of the deed. There seems to be some dispute as to the meaning of the term "same transaction." I am sure there are other elements that must be met and perhaps others here can provide them.

Well, I hope that I haven't muddied the waters. And I look forward to any comments y'all may have. I have really enjoyed reading the different interpretations from around the country. Here in Mississippi, I have asked several bankers about purchase money mortgages and gotten only blank looks. We are a deed of trust state and it's first recorded --- first priority. Well, with the exception of commercial property with proper UCC filings. But that is another question.



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[+] TransUnion - DONNA GRADY (7 replies)
1/3/2004 4:38:40 PM (1573 views)

[+] Has anyone heard feedback from TU about the price reduction? - Nora Dillard (3 replies)
1/3/2004 1:55:48 AM (1395 views)

[+] LOOKING TO BECOME A TITLE ABSTRACTOR - JOEANN LIMES (4 replies)
1/1/2004 12:07:05 PM (1460 views)


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