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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Explicit language overrides lien position. Posted by Ward-CA- on September 20, 2001 at 7:19 AM In Reply to: Junior Lien recorded first. posted by Kim on September 19, 2001 at 8:32 PM : I have found a Hard money Lender that has a 2nd Note on a property that they want to get rid of fast. I have found that the 2nd Note is recorded in first position..1st is recorded later... : The 2nd Note does state it is a 2nd Trust Deed. : Is this senior to the 1st? : Should I buy? : Thank You,,Kim =•=•=•=•=•=•=•=•=•=•=•=•=• Kim, if a recorded trust deed states on its face that it’s to be considered a 2nd, even though the sequence of recording would make it a 1st, the explicit language will prevail and the loan will be treated in all respects as a lien in 2nd position. Of course I don’t have enough info to determine if you should buy the note in question. That’s dependent upon the amount of protective equity available to it and the price of the note and the resultant yield. One question to ask is why the current owner of the note “wants to get rid of it fast”?? Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have found a Hard money Lender that has a 2nd Note on a property that they want to get rid of fast. I have found that the 2nd Note is recorded in first position..1st is recorded later... : : The 2nd Note does state it is a 2nd Trust Deed. : : Is this senior to the 1st? : : Should I buy? : : Thank You,,Kim : =•=•=•=•=•=•=•=•=•=•=•=•=• : Kim, if a recorded trust deed states on its face that it’s to be considered a 2nd, even though the sequence of recording would make it a 1st, the explicit language will prevail and the loan will be treated in all respects as a lien in 2nd position. : Of course I don’t have enough info to determine if you should buy the note in question. That’s dependent upon the amount of protective equity available to it and the price of the note and the resultant yield. : One question to ask is why the current owner of the note “wants to get rid of it fast”?? : : Hope this helps. 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

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