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You might think you’d know if you have a lien on your property. But liens can often go undetected until a crucial time — like when you’re getting ready to sell your house.That’s why it’s ...
If there are, you’ll need to resolve the issue to remove the liens before closing. The priority of liens on a property, sometimes called lien positioning, identifies which debt will be repaid ...
Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien".
When a property goes into foreclosure, the mortgage company becomes the owner of the property making it challenging for the current resident to sell the property. [5] To remove the cloud on the title being caused by foreclosure, the resident would simply need to pay what is owed on their mortgage. [5] This would remove the cloud on the title. [5]
The lender will likely not want to assume the liability of the junior liens from the property owner, and accordingly, the lender will prefer to foreclose in order to clean the title. In order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred.
You might think you'd know if you have a lien on your property. But liens can often go undetected until a crucial time -- like when you're getting ready to sell your house. That's why it's ...
When selling a house, it's important to put your best foot forward, but equally important to avoid "over-improving." Learn which areas to leave as is — and which might be worth it before hanging ...
A full coverage search is usually done when creating a title report for sale/resale transactions and for transaction that involves construction loans. It generally includes searches related to property lien, easements, covenants, conditions and restrictions(CC&Rs), agreements, resolutions and ordinances that will affect the real property in question.
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