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What else can I help you with?
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").
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 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.
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.
Can a contractor with a lien on a house get paid if the bank takes back the house from the builder?
Yes, a contractor with a lien on a house may still be entitled to payment even if the bank takes back the house from the builder. The lien gives the contractor a legal claim against the property for unpaid work, and they could potentially recover their payment through the foreclosure process. However, the contractor's ability to be paid depends on the priority of the lien and the specific circumstances of the foreclosure. It’s advisable for contractors to consult legal counsel to understand their rights in such situations.
What happens if you have a lien on a property that goes into foreclosure?
If a property with a lien goes into foreclosure, the lien typically remains attached to the property. During the foreclosure process, the lender holding the primary mortgage has priority over other liens, meaning they will be paid first from the proceeds of the sale. If there are remaining funds after satisfying the primary mortgage, the lienholder may receive payment from those proceeds. However, if the foreclosure sale does not cover all debts, lienholders may not recover their full amounts owed.
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.
