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Check this post, it talks about liens and foreclosure.
http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
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∙ 14y ago
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When can a lien lead to foreclosure?
A real estate lien creates a secured debt by providing the lender or creditor holding the lien with a security interest in your property. Although your mortgage lender attaches a lien to your home as a matter of course, any other real estate liens that attach to the property do so because of debts you left unpaid. In certain situations, property liens can result in foreclosure.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Type of lien that takes first position in foreclosure?
Real property tax liens(s), followed by the holder of the oldest recorded lien.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
Can you put a lien on a house that is in foreclosure?
Yes, a foreclosure will, however, take priority over secondary and other liens, often everything except tax liens.
When can a lien lead to foreclosure?
A real estate lien creates a secured debt by providing the lender or creditor holding the lien with a security interest in your property. Although your mortgage lender attaches a lien to your home as a matter of course, any other real estate liens that attach to the property do so because of debts you left unpaid. In certain situations, property liens can result in foreclosure.
If you have a lien on the house going into foreclosure will you get your money?
No
What happens to to second lien if borrower defaults on first lien?
It may be accelerated and payable from the excess proceeds of the auction held by the first lienor in foreclosure, if there is any excess. --- improve the answer: If seond lien is not a superior lien (e.g. Tax lien is superior than MGT lien), when the first lien is foreclosured the second lien will be washed out --- Not exists any more. However, a superior lien, even a second lien, will still survive the foreclosure process which means the property owner (who has bought the property during foreclosure) still needs to pay.
Which type of lien has highest priority?
Liens for property taxes have highest priority in a foreclosure regardless of when the lien was filed.
What is the type of lien that takes first position in a foreclosure?
In Tennessee, the lien that was properly recorded first in the Register of Deeds Office for the County where the property is located is the superior lien and will be paid before all others, even if a junior lienholder initiates the foreclosure proceeding.
If your lien is in third position and the house goes through foreclosure do you lose your lien rights?
Yes. A foreclosure of a senior lien will eliminate your interest. I suggest you see a real estate attorney right away if you are facing such a situation (see the phone book for lawyers who offer "free consultations").
What is a mechanics lien foreclosure action in NJ?
A mechanic's lien is often confused with a New Jersey construction lien. Foreclosure of a construction lien is an action brought in Superior Court by the lienor (the person or company who filed the lien). In the action, the lienor seeks to recover amounts owed for construction services or materials supplied to the owner (or contractor if the lienor is a subcontractor). The "foreclosure" part of the action is an action to foreclose on the property and, if the lienor is successful, forcing of a sale of the property, the funds from which are used to satisfy the lienor's amount due.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Type of lien that takes first position in foreclosure?
Real property tax liens(s), followed by the holder of the oldest recorded lien.
Will the court put a lien on your 1st home if you foreclose on a second home?
If a foreclosure is necessary for a 2nd home, will a lien be put on the first home?
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
If your home is in foreclosure status can a lien be placed for a unsecured debt?
YES. Condo Fees
