Sentences with phrase «first lienholder»
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...
https://law.stackexchange.com/ Not exact matches
Nothing was explained to my son about when his first payment will be due, if he will be receiving a payment book in the mail etc., I had to actually ask who the lienholder was.
If you have a second mortgage, the lienholder must either write off the loan or re-subordinate it to the new first mortgage, and write off enough so that the total of both the new first mortgage plus the old second mortgage is no more than 115 % of the home's current appraised value.
If the total amount owed to your first mortgage is greater than fair market value of your property, you can eliminate the security interest to junior lienholders and treat them as general unsecured creditors in your bankruptcy plan (thereby possibly being able to pay them less than 100 %).