A senior lien is considered to be the first and primary mortgage on a property. Typically, this is the original loan amount and is secured by the value of the property. This amount will be paid first and only tax obligations can potentially interfere. Death does not wipe the lien clean. ...
Lien:A lien is a legal claim placed on your property as a form of collateral. The most common type of lien in real estate would be a mortgage, which is a voluntary lien agreed upon by both parties. There are also financial liens due to unpaid debt and mechanical liens meant to account...
as well as any other savings or retirement fund, is also considered a liability for a company. For the consumer, liabilities may include a home mortgage, second mortgage, line of credit, lien of any kind or car payment. Of course, for the entity to which these monies are owed, each ite...
A ruling in favor of your creditors gives them new ways to collect from you. Depending on your state, you may lose the right to dispute the debt, and debt collectors may be able to garnish your wages, freeze your bank accounts or place a lien on your property. ...
rather than separate collateral associated with the promissory note. While they are very similar, the unsecured promissory note only represents the borrower’s promise to pay the full amount plus interest, while a mortgage puts a lien on the real estate that allows the lender to foreclose on it...
Does a junior lien affect your credit? In short,consensual liens do not adversely affect your credit as long as repayment terms are satisfied. Statutory and judgment liens have a negative impact on your credit score and report, and they impact your ability to obtain financing in the future. ...
What are the three major trade-offs you should consider as you take out a loan? The interest in the asset held by the lender is called what? Which of the following is not a source of unsecured short-term credit? a. Trade credi...
Title search: Unless you’re buying a brand-new home, your lender will have a title company search property records to ensure there aren’t any issues with the title of the home, such as a tax lien. The fee for a title search is around $300. ...
A parity bond stands in contrast to ajuniorlien or a senior lien bond. A junior lien bond, also called asubordinatebond, has a subordinate claim to pledged revenue as compared to a senior lien bond, which is also called a first lien bond. Unsecured debts are subordinate bonds compared to ...
The lien is removed when the owner pays the taxes but the municipal or county authority will eventually auction the lien off to an investor if they continue to go unpaid. A certificate is issued to the investor detailing the outstanding taxes and penalties on the property after they've placed...