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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.
What if you stop paying on my second mortgage?
They'll probably, eventually, foreclosure. (second response) The first lien holder will pay the second lien holder to prevent them from foreclosing on the property. A second lien would never get away with this, but if they did, boy would they be in the money. Imagine if you took a home equity loan out on a $200,000 home for $25,000 dollars. You stop paying on the second lien, and they foreclose. Their $25,000 investment just returned $200,000. Be a hell of a day for a bank. Flip side is, if a home with 2 liens does go into foreclose, the second (junior) lien gets nothing.
Can a bank put a lien on jointly owned property when only one person is the named debtor in Virginia?
Certainly, there is no reason they can't. They may not be able to foreclose on the property, but if it is sold, the debtor's share will go toward the lien.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
what happens to seller held mortgage when mortgagor dies?
If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.
Can a subcontractor hire another subcontractor and put a lien on property if second subcontractor is replaced even with a signed contract?
A subcontractor can hire another subcontractor but can only put a lien on the property if the original subcontractor isn't paid. The lien can also be placed if the second subcontractor was not paid because of the original subcontractor was not paid. The replacement of the second subcontractor is not grounds for a lien.
What is a subcontractor release of lien?
this is a waiver of lien by contractor, subcontractor, or supplier.
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.
How can you get an IRS tax lien off a property that you hold a mortgage on if your mortgage pre dates a tax lien for the person who financed?
The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.
What is a Claim of Lien in Florida?
A Claim of Lien is a formal and recorded notice that a lien has been placed on property. In Florida, if the lien results from improvement made to a personal residence the lienor may take action to enforce the lien, which can include foreclosure on your home and a forced sale on the court house steps. A construction lien "expires" or becomes unenforceable 365 days after it was recorded. If you receive a Claim of Lien take it very seriously, do not ignore it, speak to a Florida attorney with proficiency in construction law.
What happens if the lien is improper?
If a construction lien (or mechanic's lien, as it is sometimes referred to) is not properly filed, or has defects in the lien itself (liens are highly technical documents), it may be discharged. An attorney can bring an action to discharge a lien. In New Jersey, this can be done either through an Order to Show Cause, or by forcing the lienor to bring an action to foreclose and defend the lien.
Can you take ownership of property by filing a lien?
No. A lien doesn't give you ownership. First, you must sue in court and win to obtain a judgment lien. A homeowner cannot sell or mortgage their property until a judgment lien is paid. You may be able to foreclose on the judgment lien in your state. If the lien isn't paid you can consult with an attorney in your state regarding how to foreclose on a judgment lien. Legal costs may be expensive.
Can a subcontractor for termite treatment on a Hollywood Florida home put a lien on the house when the contractor was paid in full but will not pay the subcontractor?
Not likely. There is no privity of contract between the homeowner and the subcontractor. The homeowner had an agreement with the general contractor, and that's the only person they have a duty to pay. The subcontractor can only pursue payment from the general contractor - to put a lien on the home would be to punish an innocent party - the homeowner. This is between the subcontractor and the general contractor, and there's no reason to bring the homeowner into this, since the homeowner doesn't owe the subcontractor anything.
Can a subcontractor file a lien if he contracted with a general contractor?
Yes--but there are specific pre-construction notices that must be given, so see a real estate attorney in your area for details on your state's laws.
What to do when a contractor does not want to pay a sub contractor?
A subcontractor can turn to Construction or mechanics lien law in order to secure payment. By being lien law compliant, meeting specific requirements such as preliminary notices and within time restrictions, a subcontractor can withhold payments to the primary contractor or lien the property. Lien laws are state specific and you should check your state's statutes for the requirements and restrictions. Property owners can protect themselves from these liens by requesting waivers or releases from all subcontracts and the primary contractor for each payment as well as a Contractor's Affidavit at the end of the job in exchange for the final payment.
Can HOA foreclose on their liens before the bank lien?
Your answer depends on the nature of the HOA lien, the nature of the bank lien, the state law and the governing documents in effect for the HOA. There is no standard.
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?
