The lender places a
first lien on the property, but the homeowner retains title to the home and is liable for insurance, taxes, and property maintenance.
The last thing you want to have happen is to think you just bought a home for $ 400,000 but then find out there is $ 75,000 worth
of liens on the property.
There can be no
other liens on your property so what you get from the reverse mortgage is all the equity you will be able to access over the term of the loan.
The term «secured debt» applies when you give the lender a mortgage, deed of trust or
lien on property as collateral for a loan.
But I only want to put
tax lien on property that has 2 - 5 % rent - to - price ratio per month in case that I do win the property over.
I liked the cash out refinancing because it all gets paid back in one monthly payment rather than having a
second lien on our property.
Under the current system, a home buyer typically pays thousands of dollars to hire someone to go to the county courthouse and search through documents for any
outstanding liens on the property.
After all,
new liens on the property or other issues may have come into the picture since the first time this search was conducted.
Applying the law to these facts, the court ruled that the Brokerage had a
valid lien on the Property, as it had properly given notice and recorded its lien.
But before that can happen, the lender needs to make sure there are no other
previous liens on the property that would take priority over the lender's filing.
They should however in my opinion record a deed of trust on the property or some variation there of showing that they have a
priority lien on the property.
Title insurance protects you and your lender for things that have happened in the past
like liens on the property for unpaid taxes, mistakes in legal documents, etc..
The lender will have completed everything needed close the transaction with the probable exception of a certified appraisal and a title examination to show the existence of any
prior liens on the property.
The benefit here is that the lender is usually obligated to clear any
additional liens on the property, including back - taxes, so it's a much safer investment than an auction.
Liens Unpaid debts can lead some businesses to
place liens on the property of the debtors, which may have to be paid before a home can be sold.
Additionally, the court may place
liens on property owned by the noncompliant parent, and in some situations, deny passport applications based on child support owed.
When that happens, Bill will pay off his note to Sam and Sam will pay off his note to Big Bank, and the new loan will take a new first
position lien on the property.
The loan - to - value ratio (LTV) is calculated as the amount of all mortgage and
equity liens on your property divided by the appraised value of the property, expressed as a percentage.
With today's real estate market still struggling to recover, this means that many people are able to remove
junior liens on properties refinanced or purchased since 2004.