Sentences with phrase «lien position over»

This reversal of HUD policy is a victory for the National Association of REALTORS ® whose members sounded concern that PACE liens would take a first - lien position over FHA in instances of default or foreclosure, undermining the government's collateral position and disrupting the secured lending process.

Not exact matches

Lines over $ 250,000 in first lien position may require title insurance.

First Mortgage — A mortgage is in the first lien position, which takes priority over all other liens, such as a home equity loan or line.

So, for a house that is worth ~ $ 50,000, I now hold a first - lien position on that house, and he is paying off the $ 10,000 I «lent» him over the course of 5 years.

First Mortgage — A mortgage which is in first lien position, taking priority over al other liens (which are financial encumbrances).

You see, since the financing for the HERO program is a tax lien and it is paid with your property taxes, it takes first position over other liens against the property (i.e. mortgage lenders).

The other option would be to take over the first position by paying off the first lien.