0
What is the type of lien that takes first position in a foreclosure?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Type of lien that takes first position in foreclosure?
Real property tax liens(s), followed by the holder of the oldest recorded lien.
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.
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").
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.
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?
If you have a lien on the house going into foreclosure will you get your money?
No
Can a lien lead to foreclosure?
Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
Can you lien a house already in foreclosure?
This depends on the location Where I am any lien must be filed before the first court date. Other places when the process starts it to late.
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 happens to second mortgage during foreclosure?
If you're in the US and assuming it's the 1st that foreclosures… The 2nd lien hold is notified of the foreclosure and has the option of bidding on the property at the foreclosure sale (normally they don't). After the property is sold (which can take a while if they have to market it and the market is bad), the 1st lien holder gets paid first. Then if there are excess funds (which is not common), those funds go to the 2nd lien holder to apply toward their balance. The mortgagor is still responsible to the 2nd lien holder for any balance left due to them.
Where do you get a deed of lien of foreclosure?
A deed of lien can be given to you from your lender. If you are having a hardship that is beyond your control, (ie., terminal illness, forced divorce, long term hospital stay and can't work), and it creates a circumstance so that you cannot pay your mortgage and you have to foreclose, then you can write to your lender and request that they give you a deed of lien on your foreclosure. If they accept your request and give you the deed of lien then your foreclosure won't go on your credit. It may help however for the lender to accept your request if they see that you did try to sell your home first.
Who pays off your first lien mortgage holder when you are being foreclosed on by the homeowners association?
The process of distributing the funds received from a foreclosure should be part of the foreclosure documentation and process. You can find the answer you want in those instruments.
