A lien is put on the property for the amount of the loan, and that lien has super priority in the same way a tax bill does. (nar.realtor)
The HOAs and the collection industries dispute these arguments, saying an HOAs» super priority lien against foreclosed homes includes not only the six or nine months of assessments, but also interest, late fees, and the costs of collecting against the lien. (ypnlounge.blogs.realtor.org)
In other words, the regulator's super priority does not extend to the totality of the debtor's assets, exposing the public to potentially massive liabilities. (slaw.ca)