Sample Letter for Notice of Sale to Junior Lien Holder
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How to fill out Sample Letter For Notice Of Sale To Junior Lien Holder?
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FAQ
When a junior lienholder forecloses, a senior lienholder recovers nothing from the sale proceeds. But the senior lien remains intact and the foreclosure buyer takes title to the property subject to the senior lien.
Junior Lienholder Foreclosures For example, if your home is worth much more than its mortgage balance a junior lienholder might foreclose in expectation of receiving significant sale proceeds. Also, a junior lienholder might buy your first mortgage loan, become the new lienholder and then foreclose that lien.
A junior mortgage is a mortgage that is subordinate to a first or prior (senior) mortgage. A junior mortgage often refers to a second mortgage, but it could also be a third or fourth mortgage (e.g. home equity loans or lines of credit (HELOCs)).
When a junior mortgage holder has been sold-out in a first-mortgage foreclosure, that junior mortgage holder usually can, depending on state law, sue you personally on the promissory note to recover the money it loaned you.
Following a first-mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished and the liens are removed from the property title. But the second-mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
Once a non-mortgage lien is placed on your home, the holder of the lien can choose to take one of two routes.For example, property tax liens may sometimes be foreclosed outside of court, while the holder of a mechanics' liens must typically sue the homeowner in court in order to foreclose.
Following a first-mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished and the liens are removed from the property title. But the second-mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
In short, consensual liens do not adversely affect your credit as long as repayment terms are satisfied. Statutory and judgment liens have a negative impact on your credit score and report, and they impact your ability to obtain financing in the future.
A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house.The term second means that if you can no longer pay your mortgages and your home is sold to pay off the debts, this loan is paid off second.
