Sentences with phrase «position lien on the property»

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.

Not exact matches

In other words, with a Home Equity Loan or HELOC, you will have two mortgages on your property; in all likelihood, it will have a higher interest rate than your first mortgage due to the fact that it will be held in a second lien position against the property.

APR shown is for first - lien position loans up to 90 % Loan - To - Value (LTV) on single - family owner - occupied properties in PA, NJ, MD, and DE.

The lender who pays the pax in exchange for the lien would be in a senior position on the btitle (senior to the first mortgage) and would enter into an agreement with the property owner to pay back the loan, at interest of up to 18 %.

3) That the first position is so important that the Federal Housing Finance Agency prohibits Fannie Mae and Freddie Mac (conventional loans) and FHA from purchasing mortgages or notes with these types of liens on the property - either as refinances or purchases.

and generally speaking if you have looked at chain of title and you KNOW that your bidding on a first position lien then yes all the other liens are removed from the property as it relates to your purchase.

Another key is the loan's position compared with other liens on the property.