Re: Illinois Foreclosure - Junior liens
Posted by Eric_IL on September 17, 2003 at 14:06:29:In Reply to: Re: Illinois Foreclosure - Junior liens posted by Nick(Colorado) on September 17, 2003 at 12:47:34:
Nick,
I presume that you are referring to deficiency remaining following judicial foreclosure. Is this true? I would imagine that the same also applies to all other junior liens (such as mechanic's liens & etc...). Does this basically mean that having paid the senior lien (and obviously all the tax liens) the investor is not responsible for any junior liens at all? Also, when the junior lien forecloses, the investor purchasing the property will obviously be responsible for senior liens. As far as foreclosing junior lien, does the junior lien holder still get whatever is remaining after the senior ones have been paid off (same $10,000 plus a deficiency judgement against the defaulted party)?Thanks a lot for your help! Any articles discussing the above situation that you can recommend?
Thanks! Eric
Name : E-Mail : Subject :
Comments:: Nick,: I presume that you are referring to deficiency remaining following judicial foreclosure. Is this true? I would imagine that the same also applies to all other junior liens (such as mechanic's liens & etc...). Does this basically mean that having paid the senior lien (and obviously all the tax liens) the investor is not responsible for any junior liens at all? : Also, when the junior lien forecloses, the investor purchasing the property will obviously be responsible for senior liens. As far as foreclosing junior lien, does the junior lien holder still get whatever is remaining after the senior ones have been paid off (same $10,000 plus a deficiency judgement against the defaulted party)?: Thanks a lot for your help! Any articles discussing the above situation that you can recommend?: Thanks! : EricOptional Link URL : Link Title :
If you press "Preview Message," you are taken to a preview screen where your message is shown to you before allowing you to post it. Your message is not finalized until you click "Post Message".