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The subordinated mortgage is usually recorded prior to the mortgage that is to take first place. That is the reason for the subordination.
Suppose you granted a mortgage to Fleet Bank in 2001. That mortgage is not yet paid off and you applied for a new mortgage to Wells Fargo. The Wells Fargo mortgage is approved but Wells Fargo will require that the Fleet mortgage be subordinated because it was recorded first and will take precedence in the event of a foreclosure unless it is subordinated and Wells Fargo is allowed to take first place.
The subordinated mortgage is usually recorded prior to the mortgage that is to take first place. That is the reason for the subordination.
Suppose you granted a mortgage to Fleet Bank in 2001. That mortgage is not yet paid off and you applied for a new mortgage to Wells Fargo. The Wells Fargo mortgage is approved but Wells Fargo will require that the Fleet mortgage be subordinated because it was recorded first and will take precedence in the event of a foreclosure unless it is subordinated and Wells Fargo is allowed to take first place.
The subordinated mortgage is usually recorded prior to the mortgage that is to take first place. That is the reason for the subordination.
Suppose you granted a mortgage to Fleet Bank in 2001. That mortgage is not yet paid off and you applied for a new mortgage to Wells Fargo. The Wells Fargo mortgage is approved but Wells Fargo will require that the Fleet mortgage be subordinated because it was recorded first and will take precedence in the event of a foreclosure unless it is subordinated and Wells Fargo is allowed to take first place.
The subordinated mortgage is usually recorded prior to the mortgage that is to take first place. That is the reason for the subordination.
Suppose you granted a mortgage to Fleet Bank in 2001. That mortgage is not yet paid off and you applied for a new mortgage to Wells Fargo. The Wells Fargo mortgage is approved but Wells Fargo will require that the Fleet mortgage be subordinated because it was recorded first and will take precedence in the event of a foreclosure unless it is subordinated and Wells Fargo is allowed to take first place.
What else can I help you with?
Would a UCC lien on a property have priority over a mortgage that was recorded prior to the UCC?
The lien that was recorded first would have priority.The lien that was recorded first would have priority.The lien that was recorded first would have priority.The lien that was recorded first would have priority.
When was the first UFO sighting recorded?
That was prior to written history so there is no record of the first sighting.
When a mortgage is forclosed with federal tax lien does the lien get paid prior to mortgage?
yes
What are the procedures at a real estate auction to determine what liens are paid?
Answer: Liens that were recorded prior to the mortgage must be paid. Taxes and municipal liens must be paid. Liens that were recorded subsequent to the foreclosed mortgage are wiped out by the foreclosure. AND you should have the title checked at least one more owner back to determine what liens are outstanding.
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.
Who invented the variable rate mortgage?
Mr. John Delaney is the President and CEO of Central Banc Mortgage a multi-state. He designed and implemented the first adjustable-rate program sold to the Federal National Mortgage Association. Prior to Cityfed, John served as vice president of Seafirst Mortgage Corporation of Seattle.
When and where was the first officially recorded F5 tornado in the U.S.?
The first officially recorded F5 tornado was recorded in Waco, Texas. It happened on May 11, 1953. 114 people were killed in the F5 tornado. Ratings prior to 1950 are not official.
Do you have to pay off mortgage arrears prior to chapter 7 filing?
no
Am I responsible for my father's mortgage if he is no longer on the deed?
If you father granted a mortgage prior to transferring the property to you then the mortgage must be paid. If you don't pay it then lender will take possession of the property.
Are liens extinguished after a mortgage foreclosure?
No. They are liens on the property. Typically what happens is the property will be foreclosed and sold. The liens, including the mortgage, will be paid off in the order of being placed. Once all liens are paid off, if there is any money left over, there might be some money for the owner.A Different PerspectiveLien priority is important in a foreclosure procedure. That's why a lender who loans a considerable amount of money on a home secured by a mortgage seeks to be in first place and will often require other lenders to subordinate their liens. Lien priority depends on the time of recording except for property tax liens which take priority over every other type of lien, even a first mortgage. The foreclosing lender takes the property subject to any lien recorded prior to the mortgage being foreclosed. The foreclosing lender must pay off those senior liens. Any lien recorded after the mortgage is a junior creditor and that lien gets wiped out as of record and will not affect the title to the real estate for any future owner. One exception is IRS liens which do not get wiped out and must be paid to clear the title to the property.Junior creditors can go after the debtor personally but they will have no interest in the real estate.You can read a good example at the link provided below.
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.
Is ww1 the first war?
No, there have been many wars prior to World War I.World War I was the first war in which the majority of the countries and people in the world were involved.The first recorded war is believed to be between Sumer(Iraq today) and Elam(part of what is now Iran). This war occurred around 2700 B.C.E. There were likely many wars and great conflicts prior to this, but the first instances of writing occurred not long before this time, so there is not much recorded prior.
