How does a deed in lieu of foreclosure affect junior lien holders?
I was in the process of purchasing a home that was an attempted short sale. The primary lien holder had agreed to the purchase, but the deal was being held up by a bank through which the owner had taken out a second mortgage. The homeowner gave up hope and abruptly chose to go “the deed in lieu of” route instead.
My agent is telling me that the junior lien holder is now out of the picture and that they have no legal interest in the property. This doesn’t sound right to me. Other than title insurance, what’s to prevent this other bank from placing a lien on the property after I purchase it? (This is in Michigan, if that matters.)
get a real estate atty.
Joe Biden: St. Clair Shores, Michigan
|
|
The Foreclosure Workbook $16.99 “America’s #1 Do-It-Yourself Foreclosure Prevention Resource Across the nation, foreclosures are on the rise due to designer mortgages, rising debt ratios, and depressed housing markets. Most homeowners have no idea where to find basic, credible, and instructional information about the foreclosure process, or what to do when facing the time crunch before an auction. The Foreclosure Workbook is a revolutionary system that provides an unprecedented approach to foreclosure avoidance, protection, and survival. This workbook presents a proven step-by-step process that guides the homeowner in distress through the hurdles of foreclosure, and presents critical information about state procedures, foreclosure protection legislation, con artists, options, and much more This is the one-stop resource that homeowners need – arming them with easy to understand facts and processes for how to maneuver through the onslaught of mail they receive, fight off foreclosure scams, and organize and prepare a plan for saving their home and credit. Carla Douglin is a national speaker, CEO of Dominion Foreclosure Consulting Services, Inc., and founder of Dominion Housing Counseling Services, a nonprofit organization. For more information, visit our website at www.dfcscorp.com, and view our blog at foreclosuretipsfactsfumbles.blogspot.com” |
|
|
FORECLOSURE $13.5 If you are in danger of losing your home, it””s important to remember that you are not alone. In these uncertain economic times, financial problems have affected virtually everyone… |
|
|
The Foreclosure Handbook – A Basic Guide to Understanding the Foreclosure Process $22.5 This handbook was written and designed to educate people about the foreclosure sale process and the options that they might have to stop it… |
|
|
Foreclosure $8.92 Foreclosure |
Tags: , · home · photo · procedure, · sharingNo Comments
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.