Sentences with phrase «first lien holder»

The 2nd lien holder has a loss sharing arrangement with the FDIC that will allow them to collect substantially more than the amount offered by the first lien holder under the short sale scenario.

The reverse mortgage lender must be the first lien holder.

If Countrywide is in a second position, ask that the first lien holder to get their attorney involved, this will speed up the process.

The existing loan to be refinanced may not have been brought current by the existing first lien holder, except through an acceptable permanent loan modification

PSECU must be first lien holder.

What does the first lien holder do when the 2nd mortgage is sold?

The rate featured is based on a loan - to - value ratio up to 80 % for loans of $ 50,000 and above, a maximum loan to value of up to 80 %, terms between 121 - 180 months, and ESL listed as the first lien holder on the property.

The 2nd lien holder has a loss sharing arrangement with the FDIC that will allow them to collect substantially more than the amount offered by the first lien holder under the short sale scenario.

If there's any money remaining after the first lien holder gets paid, then the holder of the second lien gets paid.

Also, current HAFA guidelines state that first lien holders will also provide $ 8500 from sale proceeds to junior lien.

The hang - up for many short sellers has been second liens, but the new government program gives first lien holders incentives to share and offers second lien holders and investors a $ 6,000 cash incentive.

Not exact matches

Using an extensive set of data on loan performance that we have developed with Equifax, we find that multiple first mortgage lien holders — that is, people owning more than one home — account for about 40 percent of the dollar volume of seriously delinquent mortgage balances, up from about 5 percent in 2004 (Chart 10).

You are the senior debt holder (first position on lien).

«Over 80 percent of all mortgage holders now have available equity to tap via first - lien cash - out refinance or home equity line of credit,» Black Knight reported.

A common secured product in the US is a 2nd lien holder to a home (the first being the mortgage), called a HELOC (Home Equity Line Of Credit).

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.

* Under certain conditions explained below, FHA will insure first mortgages where (1) the existing note holder writes off the amount of indebtedness that can not be refinanced into the FHA insured mortgage; or (2) either the FHA approved lender making the new mortgage or the existing note holder may take back a second lien that includes closing costs, arrearages or previous secondary financing if the indebtedness exceeds FHA prescribed LTV and maximum mortgage amount limits.

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

PSECU must be listed as the first and only lien holder.

The holder of the second mortgage must agree to «subordinate» its lien to that of the new first mortgage lender.

Until the conflict between first and second lien holders is resolved, loan modification efforts and mortgage write - down programs will likely be met with very limited success.

The first five I found all list the buyer under owner and the bank under «Lien Holder».

That means when he sells the car, he will have to pay the lien holder first, that is, if that state allows attachments to vehicles.

If you simply want to refinance the first mortgage, your total housing debt shouldn't exceed 80 % of your home's market value, or else the holders of the second lien may refuse to resubordinate (agree to stand behind the first - mortgage holder for repayment if you default).

When the home is sold or foreclosure upon (in the case of a default), the first mortgage lien holder is paid first and the second mortgage lien holder is paid later.

Here is what should be accomplished in a short sale: Borrower is released from all liens on property in the sale, some payoff may have to be made to first of second lien holder.

In this first - impression case, the Court of Appeal harmonized some apparently conflicting laws and ruled that the holder of an attorney lien need not file a creditor's claim in the probate estate of the deceased client.

In your example, the holder of the $ 100K lien could, following the foreclosure sale, pay the first lienholder $ 400K and become owner of the property, wiping out...

If you are about to get a settlement, then the lien holder will be paid first.

First and foremost, the term REO (or Real Estate Owned) usually refers to an asset that a bank or lien holder obtains either through a deed in lieu foreclosure process or at a foreclosure sale.

She cited two examples in which the contractual rights of first - lien holders have been trampled on in the aftermath of the mortgage meltdown: in the federal government's mortgage modification program, the Home Affordable Refinance Program, which she says modifies troubled mortgages on the backs of the first - lien holders, and in the national mortgage settlement, structured by state attorneys general in the aftermath of widespread foreclosure irregularities by the big banks.

That's because if the buyer defaults on the first lien, you would be responsible for making up all back payments on both mortgages, plus all future payments until the primary mortgage holder forecloses.