Yes, they usually are. It is up to the bank to file the lien, which they do as standard practice, otherwise it would be an unsecured loan.
Yes is probably the right answer to the intent of your question.
However a deed of trust is not actually a loan/lien or such in legal terms.
It actually means that a 3rd party holds the deed (in trust) while there is a debt owed to the lender. If the debt isn't paid the one holding the deed has been instructed to give the title it represents to the lender.
When a "deed of trust" is used there actually isn't the legal mortgage. This takes it's place nd makes foreclosure easier and faster as the one holding the deed has already been instructed to do when there is a default on the loan (that would otherwise be the mortgage).
The only possibility I can think of is that one could have an unrecorded first mortgage or deed of trust. The second mortgage or deed of trust, if recorded, would be the first of record, and legally considered to be the first.
Under current bankruptcy law it is possible to eliminate or "strip" a 2nd trust deed (mortgage) through chapter 13 bankruptcy. A competent experienced bankruptcy attorney can accomplish this. There is a lot of misinformation propogated in this area often by persons attempting to take advantage of others. The basic requirement is that the value of the home is less than that owed by the first trust deed. The 2nd trust deed becomes an unsecured debt and no longer a lien on the home. When the chapter 13 is concluded any balance owed to unsecured creditors including the 2nd trust deed is discharged. Answer provided by a bankruptcy attorney with over 30 years of experience.
Yes.
In this state you go to the courthouse and file a lien against the property, not a deed of trust. In fact, this particular state does not use the deed of trust. In the United States, procedures involving real estate are matters of State Law.
Unless the collection agency is an assignee for a firm who provided labor or materials for your real property, they cannot place a lien against your home. They can, however, obtain a judgment, which will act as a lien against your home. They cannot foreclose on your home unless the debt is secured to a mortgage or deed of trust.
You must have the lien avoided in the bankruptcy court. This has to happen before the bankruptcy case is closed or you have to petition to have the case re-opened. LIENS SURVIVE BANKRUPTCY UNLESS YOU SPECIFICALLY MOVE TO HAVE THEM AVOIDED. Let me add to the last post. Most of the time, the creditor who has the lien is listed as unsecured, even though they are technically secured. You need to review your bankruptcy to see how the claim was handled. If it was paid as secured (100%) or 100% to unsecured, then contact the creditor. If the debt was paid as unsecured (less then 100%), then you must have the lien avoided. Most chapter 13's are less than 100% to unsecured.
Call a title company to run your property. Ask to see what kind of liens are on your property. If it's a mortgage lien, a copy of the trust deed should have a phone number on there.
Although a Chapter 7 bankruptcy eliminates your personal obligation to pay the debt and can protection you from a deficiency judgment, it does not get rid of the voluntary lien secured the debt. The credit can still enforce deed of trust or mortgage. Unless you signed a reaffirmation agreement and reached an agreement wiht the bank on keeping the property, the lender can continue the foreclosure after getting relief from the automatic stay or after the discharge has been entered.
Hate to tell you, but in WA, none. The senior lien has already foreclosed, any any junior lien (including deed of trust or mortgage) was foreclosed with it.
The mortgage holder's lien which is considered a secured, priority claim.
Yes. The lien can be recorded against any one property owner's interest.
The liability on the note itself can be discharged, but the lien on the property remains- in other words, the creditor cant use the courts to collect the debt, but he can take the secured property if you stop making payments.