Sentences with phrase «existing subordinate lien»
Existing subordinate lien holders, in particular, are highly unlikely to agree to release liens at a complete loss.»
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Loan servicers can receive $ 1,500 for administrative expenses, and lenders can get as much as $ 2,000 for allowing up to $ 6,000 of short sale proceeds to be distributed to subordinate lien holders (if they exist).
It mandates principal reductions and does not permit new subordinate liens to be used to pay off some portion of the existing mortgage debt, even if that debt were secured by the value of the property.
A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.
A third mortgage is a loan that is subordinated to existing first and second mortgage liens.
If there is an existing second mortgage on the property, such as a Home Equity Credit Line, the entire lien must be subordinated at refinance.