 |
| 30 Yr Fix |
6.40% |
-0.07% |
| 15 Yr Fix |
5.93% |
-0.07% |
| 1 Yr ARM |
5.33% |
0.04% |
| 5/1 ARM |
6.03% |
0.04% |
| 30 Yr Tres |
4.38% |
-0.01% |
| Fed Prime |
5.00% |
-0.25% |
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| I bailed one of my friends out of foreclosure by loaning him some cash. He promised to pay and he didn't. I put a lien on his property for the money he owed. Two months later I come to find out that the lender is foreclosing his property. What will happen to the lien I put on his property? Will I get paid back?
- [Answer this
question]
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Property Liens and Foreclosure
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Probably not. You should however, seek a judgement by taking him to court. If there is enough equity to pay off the 1st lien and any others, you will receive the portion you are owed.
This is not likely the case. After delinquent taxes and any second or Home equity mortgage, there will likely be no money. Most often, the second lien holder, if there is one, has to pursue legal action. If the homeowner files bankruptcy, you will most likely be listed as a creditor and not compensated. If the homeowner is unable to file bankruptcy, the other lien holders, including yourself can seek a judgement through litigation.
NEW! - Rate This: 8.00/10 (1 vote
cast)
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| Contributed
By:
Ryan Terry
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5/25/2008
Mortgage Broker
Centurion Mortgage
Michigan
810.444.5784
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Question Status: Open For Answering | Submit Answer |
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