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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Huh? Care to restate your query more clearly? (NT) Posted by Verve on November 05, 2009 at 9:08 AM In Reply to: Re: Huh? Care to restate your query more clearly? (NT) posted by Mark H. on November 05, 2009 at 8:38 AM The most senior lienholder position is property taxes. The most jr. is the property ownership position. Always. If there are two loans on title, the priority of each loan is determined by recording date. If the former owner sells property and takes back a loan and deed of trust recorded after an existing first loan, if the first forecloses, the 2nd position trust deed will be wiped off title. : : : The owner provided a second, after the first by the mortage company. Something is nagging me from a prior discussion I cannot find...i.e. : : : Does the owner have second priority, even if they provided the down payment to the owner for his first? : Sorry. My question is "Does the seller, if he provides a second deed of trust (loan) to the buyer get any special consideration over the bank that provides the first? In other words, is the seller in a jr position to the bank?" : I would assume that nothing changes in loan priority. IE if the bank forecloses, the 2nd has no protection and is wiped off. Correct? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The most senior lienholder position is property taxes. The most jr. is the property ownership position. Always. If there are two loans on title, the priority of each loan is determined by recording date. If the former owner sells property and takes back a loan and deed of trust recorded after an existing first loan, if the first forecloses, the 2nd position trust deed will be wiped off title. : : : : : The owner provided a second, after the first by the mortage company. Something is nagging me from a prior discussion I cannot find...i.e. : : : : Does the owner have second priority, even if they provided the down payment to the owner for his first? : : Sorry. My question is "Does the seller, if he provides a second deed of trust (loan) to the buyer get any special consideration over the bank that provides the first? In other words, is the seller in a jr position to the bank?" : : I would assume that nothing changes in loan priority. IE if the bank forecloses, the 2nd has no protection and is wiped off. Correct? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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