Regardless of the commencement of a bankruptcy case and the resulting imposition of the automatic stay, the mechanic's lien holder
should be mindful to take such additional timely actions required by state law to perfect its lien.
The money generated from the sale went to pay the first lien holder
, Bank of America, but not the unsecured creditors.
The mechanic's lien holder
disputed the foreclosure, arguing that the property could not be foreclosed upon after the original borrower met its debt obligations by giving the lender the deed in lieu.
com)-- The property on Vista Lakes at the time of the last contract was listed at $265,000 and closed at $271,000, with $5,000 closing cost contribution to the buyer from Seterus Mortgage, which was the first lien holder
and Bank of America was the 2nd lien holder
three area men were arrested in late March for allegedly erasing lien holder
information on titles in order to take out multiples loans on the same vehicle.
Registered charges, while securing a debt, may do little to assist in the short term as the contractor or designer, the lien holder
, may not be able to force the sale of the property to recover its money.
When] a first mortgage loan is refinanced for more than the amount due and owing on the first mortgage, the risks assumed by the second lien holder
increase without the second lien holder
As the lien holder
, the servicers say they are obligated to make sure there is sufficient coverage on the property.
Property owners who remain delinquent may be foreclosed upon by the tax lien holder
In the third foreclosure sale, Bank of America, as lien holder
, purchased the parcel for $233,850.
Tarragon, the original developer of the property, was required by the bankruptcy court to sell the asset to satisfy the lien holder
If payments are made to the second lien holder
without notice to the primary lien holder
, then the agent, as well as the seller, may be exposed to liability or fraud.