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The person responsible for the liens must satisfy the liens. When a home is foreclosed on, the liens are removed before the next buyer purchases the home.
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∙ 9y ago
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If house is foreclosed do all liens have to be satisfied before title is cleared?
The liens that predate the foreclosed mortgage must be paid such as a prior mortgage. The http://taxes.answers.com and any municipal services liens must be paid. Any mortgages, attachments, etc that were recorded AFTER the foreclosed mortgage get wiped out as liens against the property.
Is a person responsible for paying liens on a house that has been foreclosed?
I believe that a lien on a property stays with the property, not with a person. The purchaser of the property will be responsible for any liens to get a clear title.
Does a HOA lien get wiped out if condo is foreclosed by mortgage lender in California?
Liens are not 'wiped out': liens are paid. When the foreclosed property is sold, the lien may be paid from the proceeds, depending on its priority and the amount earned from the sale.
Who pays the child support lean on a house when it is foreclosed?
Liens are due when the property is sold, and are the responsibility of the seller(s). A foreclosure is not a sale.
In Florida am I responsible for old liens on a foreclosed property I bought from the bank that took title?
You should make sure of the situation before signing on the dotted line--the title company should have provided a clear title (no judgments, liens and so on).
Can landlord rent a foreclosed property?
If it is foreclosed then he does not own it. You cannot rent a property that you do not own.
If a property is willed to someone do they inguire the liens on the property?
If the property is subject to active liens, generally the devisee will acquire the property subject to those liens.
If you purchase a property that has an IRS lien against it does the purchaser acquire the lien with the property and become responsible to pay it or what happens to the lien when a house is foreclosed?
State laws may vary, and some liens could PREVENT you from recording a sale, if you try to record a deed without paying off (releasing) the liens. I'm certainly no expert on liens, but there may be nothing preventing a purchaser from buying a property subject to liens (claims) accrued by the previous owners. You could buy property with a mortgage on it, tax liens on it, mechanic's liens, municipal liens, etc., as long as you (the buyer) understand that ANY of these liens could result in claims being made against you, and you should get some guarantee (bond, security, payment) from the seller in exchange for accepting this sort of risk.
If your home mortgage is foreclosed and you have a second mortgage do you have to pay the second?
Yes. Any junior liens on the property are extinguished, but the debts themselves still remain (it may be hard to enforce them, though).
When a mortgagor forecloses on a property and sells it who pays any liens?
Generally: The proceeds of the sale are used to pay outstanding liens that must be paid. Liens that must be paid are local, state and federal taxes, municipal services liens, the subject mortgage and any liens that were recorded prior to the recording of the foreclosed mortgage. Any liens that were recorded after the subject mortgage are wiped out as to the record title. They would no longer be liens against the real estate but could be pursued as against the owner who acquired them.
If you purchased a home and the first loan was not enough for the sale you were forced to get a 2nd and the 1st was foreclosed on Is the second considered and unsecured loan or still a lien?
The answer may be different in different states but, in general, foreclosure of a lien discharges all junior liens (i.e., the second mortgage) to the extent the proceeds from the foreclosure sale are insufficient to cover the junior liens. There is still a debt owed, but the property, having been sold in foreclosure, is free of all liens junior to the one that was foreclosed.
Can you file a quit claim and give the property to the other owner?
Yes, if you own the property outright with no liens or other interests.Yes, if you own the property outright with no liens or other interests.Yes, if you own the property outright with no liens or other interests.Yes, if you own the property outright with no liens or other interests.
