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The priority of liens on a property, sometimes called lien positioning, identifies which debt will be repaid first in the event of default and foreclosure. When the collateral, such as a home, is ...
The purpose of a lien is to hold a property item — it doesn’t have to be a house — as collateral for a loan or debt. If you don’t pay off the debt to remove the lien, the creditor has a ...
possessory lien—a lien allowing the creditor to keep possession of the encumbered property until the debt is satisfied. second lien—a lien that ranks next after a first lien on the same property. secret lien—a lien not appearing of record and unknown to the purchasers; a lien reserved by the vendor and kept hidden from third parties to ...
When there’s a lien, the creditor has the legal right to claim part of the property’s value to satisfy the debt, which can even result in a foreclosure if left unresolved.
The purpose of this priority is to establish the order in which lienholders are entitled to foreclose their liens in order to recover their debts. If a property's title has multiple mortgage liens and the loan secured by a first mortgage is paid off, the second mortgage lien will move up in priority and become the new first mortgage lien on the ...
With almost no exceptions, a borrower will take a second lien loan either at the same time or after taking a traditional first lien secured loan and the secured lenders will place limitations on the borrower's ability to pledge its assets or borrow additional secured debt. The specific rights of the first lien and second lien lenders are ...
A lien is an encumbrance on a property — a notice that informs the public of a debt that clouds title to the property by potentially giving a third party a claim to ownership rights.
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults , the creditor takes possession of the asset used as collateral and may ...