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My friend has approached me with a concern of his. A long time friend of his is requesting a substantial size loan and my friend is a little hessitant in granting this loan because he knows his friend has had some rocky times financially in the past. But because of their friendship he wants to keep a very low profile on researching any history of credit and possibly a second or third mortgage that his friend may already have on his house. it is a sticky situation and I really dont know what to tell him. From what we hear the registration of mortgages is public record at the town hall where the mortgage was recorded. but what we do not know is whether the home owner is alerted to the fact that someone has asked to see the record. What I am asking is does anyone know for SURE if public mortgage records are examined if the home owner is alerted to the fact that someone or some company has either viewed the public record or has requested that they review the public record. when a company checks your credit history with TRW or EQUAFAX etc in or to consider granting you credit their inquirery is noted on that persons credit history. The name of the company etc that requested the information is listed. Although the owner of the credit history may not find out simply since they may not request a copy of their credit report the record is noted. I need to know if the same is done if someone checks on someone's mortgage record. My friend is hesitant in loaning the money as I said but does want to help his friend in need, only he must be careful #1 not to expose himself too much and #2 keep friendship levels where they are at present because there are other reasons too such as family involved etc etc etc.Does anyone know for sure how this works and if so is it country wide or does each state govern how this works.Thanks for your help.
 

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Mark - don't know the answer to this. If someone has looked over my mortgage records, we have never heard about it.Lending a sizeable amt to a friend??? With rates low now why is your friend asking your other friend for money? Perhaps he DOES already have a 2nd or 3rd & can't get any more out of his house.By the way, how's your new digs? How do you like Illinois?
 

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Mark - don't know the answer to this. If someone has looked over my mortgage records, we have never heard about it.Lending a sizeable amt to a friend??? With rates low now why is your friend asking your other friend for money? Perhaps he DOES already have a 2nd or 3rd & can't get any more out of his house.By the way, how's your new digs? How do you like Illinois?
 

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If someone was asking me for a sizable loan instead of going to a bank, etc...I would make it VERY clear that I want to check their credit report plus I would have legal papers drawn up in case of default listing something as collateral. Even if the borrowing friend is sincere and paying back the loan, what if he dies? If there is no record of this debt plus clear instructions on how it is to be paid back, your friend is probably out a whole bunch of money.Friendship is nice but this is business. Lending money to is buddy is nobel but he needs legal recourse if something goes wrong.If he has doubts though, I don't think he should do it.So how are you doing Marka?P.
 

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If someone was asking me for a sizable loan instead of going to a bank, etc...I would make it VERY clear that I want to check their credit report plus I would have legal papers drawn up in case of default listing something as collateral. Even if the borrowing friend is sincere and paying back the loan, what if he dies? If there is no record of this debt plus clear instructions on how it is to be paid back, your friend is probably out a whole bunch of money.Friendship is nice but this is business. Lending money to is buddy is nobel but he needs legal recourse if something goes wrong.If he has doubts though, I don't think he should do it.So how are you doing Marka?P.
 

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The best thing to do is go to a local attorney and have him/her do the check and verify that no one reports on a simple title check. the attorney just goes in and finds the property's title in a big ledger where mortgages and liens are written down, or perhaps now look it up in a data base. This info is a matter of public record, and the county certainly doesn't have the manpower to make note of every one who comes in to look. Remember Jack Nicholson's scene in Chinatown where he tears the page out of the ledger? He wanted to know who owned a certain tract of land.See the attorney. I know, I used to be a banker. It made my IBS worse.
 

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The best thing to do is go to a local attorney and have him/her do the check and verify that no one reports on a simple title check. the attorney just goes in and finds the property's title in a big ledger where mortgages and liens are written down, or perhaps now look it up in a data base. This info is a matter of public record, and the county certainly doesn't have the manpower to make note of every one who comes in to look. Remember Jack Nicholson's scene in Chinatown where he tears the page out of the ledger? He wanted to know who owned a certain tract of land.See the attorney. I know, I used to be a banker. It made my IBS worse.
 
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