Sentences with phrase «2nd lien on the property»
Was talking about letting him put a 2nd lien on the property.
https://www.biggerpockets.com/
Terrence — in that case you would most likely be giving your private lender a 2nd lien on the property and your bank would get the 1st lien.
Not exact matches
If a loans meets the following tests, it is covered under the law: 1) For a first - lien loan otherwise referred to as the original mortgage on the property - the Annual Percentage Rate (APR) exceeds by more than 8 percentage points compared against the rates on Treasury securities of comparable maturity; 2) For a second - lien loan otherwise referred to as a 2nd mortgage - the APR (Annual Percentage Rate) exceeds by more than 10 percentage points compared to the rates in Treasury securities of comparable maturity; or the total points and fees payable by the borrower at or before closing exceed the larger of $ 561 or 8 % of the total loan amount.
The 2nd lien holder will be able to foreclose on the property if they make loan payments to the 1st lien holder on behalf of the borrower in order to keep the 1st loan current.
If the borrower defaults on the 1st loan, the lien holder of the 1st will be able to foreclose on the property and wipe out the 2nd lien holder's interest in the property.
When bidding on a short sale is the prospective buyer able to know at that point what liens, 2nd mortgages or property tax arrears are on the property?