InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links To Contact Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Priority of the foreclosing lien. Posted by Donovan on July 01, 2001 at 3:05 PM In Reply to: Re: Priority of the foreclosing lien. posted by Ward-CA- on July 01, 2001 at 12:03 AM : : when i purchase a foreclosure at the court auction, am i paying off the entire loan? meaning - will i owe anyone (i.e. the bank) after paying off the loan and any extra city fines? : =•=•=•=•=•=•=•=•=•=•=•= : Donovan, at a foreclosure sale you are getting the title to the property by just paying off the loan that was secured by the foreclosing mortgage or trust deed. Obviously there can be several liens against a property, not just the one that’s the subject of the particular foreclosure. Liens that are subordinate to the foreclosing lien will be wiped off the title of the property. But those that are senior to the foreclosing lien will not be affected by the foreclosure of a junior. : Generally, lien priority is determined by the relative timing of all liens recorded against a property. Those recorded first are senior to those recorded later. : Some liens, like real property taxes and assessments, are always the most senior lien, regardless of when they were created. : So it’s important that you research the title record of any foreclosure you’re interested in to determine all liens of record and the priority of each before bidding on it at the auction. =========================== ok, so if i do the research before purchase, buy the foreclosure and pay off all of the existing liens...then i would completly own the home not owing anyone at all... Follow Ups: Re: Priority of the foreclosing lien. Ward-CA- 8:13 PM, 07/01/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : when i purchase a foreclosure at the court auction, am i paying off the entire loan? meaning - will i owe anyone (i.e. the bank) after paying off the loan and any extra city fines? : : =•=•=•=•=•=•=•=•=•=•=•= : : Donovan, at a foreclosure sale you are getting the title to the property by just paying off the loan that was secured by the foreclosing mortgage or trust deed. Obviously there can be several liens against a property, not just the one that’s the subject of the particular foreclosure. Liens that are subordinate to the foreclosing lien will be wiped off the title of the property. But those that are senior to the foreclosing lien will not be affected by the foreclosure of a junior. : : Generally, lien priority is determined by the relative timing of all liens recorded against a property. Those recorded first are senior to those recorded later. : : Some liens, like real property taxes and assessments, are always the most senior lien, regardless of when they were created. : : So it’s important that you research the title record of any foreclosure you’re interested in to determine all liens of record and the priority of each before bidding on it at the auction. : =========================== : ok, so if i do the research before purchase, buy the foreclosure and pay off all of the existing liens...then i would completly own the home not owing anyone at all... Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4080 Centre Street, Suite 204, San Diego CA 92103-2657
(619) 296-9596, Fax (619) 296-6443