Legal Question in Real Estate Law in Pennsylvania

old property liens on house

my grandfather died in 1971. somehow he was allowed to take out liens in the amount of $170,000 on a house worth $10,000 at his death. a title search in 1986 revealed this. are thes liens still valid and what if I can't track the companies down. (industrial valley bank and trust company) and joseph B. saltz trading as locust finance Co. any help is needed asap. I must decide by the end of the month to purchase this house for $60,000.


Asked on 7/13/06, 3:40 pm

2 Answers from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: old property liens on house

I suggest you hire an attorney t accurately evaluate your options..Industrial Valley Bank merged with another Bank. If you do not have title insurance get some. The entire matter must be reviewed in detail by a competent party to determine your options. You may have to bring a legal action to clear the title of the property. Gerald Hershenson Esq.

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Answered on 7/13/06, 3:55 pm
Miriam Jacobson Retired from practice of law

Re: old property liens on house

If you need to get a mortgage release from Wachovia or one of its predecessors-in-interest (of which Industrial Valley Bank & Trust is one), you can call their Mortgage Research/Lien Release Department at 800. 669.8887, or fax them a letter/request to 540 561.5885.

For Locust, you may search http://www.nationmaster.com, to track mergers of companies. There is also a list of bank mergers at http://www.nationmaster.com/encyclopedia/List-of-bank-mergers .

You should be careful in buying this property, because you may still be left with liens. At the least, you should have your purchase insured by a title insurance company (not an agent/agency, but the actual insurer).

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Answered on 7/16/06, 4:09 pm


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