Sentences with phrase «before second liens»

Since 2MP is meant to be complementary to HAMP, a homeowner must have their first lien modified through HAMP before the second lien can be modified under 2MP.

Not exact matches

The same case applies to the third mortgage holder if any, who must, in turn, wait for the first and second mortgage holders to be paid before they can claim a lien.

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.

Usually, the first - position lien must be completely satisfied before the second - position lien holder can receive any remaining collateral.

I do not know if the second bank did a title search before they put a lien on the property.