Law & Legal Issues
Mortgages
Debt Collection
Liens
What happens to a lien by a creditor if the house forcloses?
Wiki User
2008-05-30 06:03:39
in california and most other states. The house is held with a
note and deed of trust. The note is like a IOU you promise to pay
the bank the money you borrowed. The Deed of Trust says if you
don't pay you agree to transfer the house back to the Bank. When
you get an Loan to buy the house the Bank makes shure that there is
no other leins on house. So the bank is first in line. the next
lein is call the second and so on. If you don't pay the house is
transfered back to the Bank by the Deed of Trust and then sold for
what they can get for it. If it sells for more that what is owed
then any money would go to the next lein hold. If there is nothing
left then the other lein holders get nothing. Most likely you will
have to pay it back.
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