Re: Bankruptcy, Foreclosure, Liens??

Posted by Nick(Colorado) on September 02, 2005 at 10:05:42:

In Reply to: Bankruptcy, Foreclosure, Liens?? posted by Amy on September 01, 2005 at 16:03:08:

Amy:

If you redeem the property to sell to your friend then
there will still be a hot lien on the property from the
second, assuming that the first went to foreclosure. While
you do not have any personal liability to pay, the property
does. So if you friend needs a loan, then the lending
institute will insist that the lien be released (payed
off or rolled in) or subordinated to the new loan.

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Comments:
: 
: Amy:

: If you redeem the property to sell to your friend then 
: there will still be a hot lien on the property from the 
: second, assuming that the first went to foreclosure. While 
: you do not have any personal liability to pay, the property 
: does. So if you friend needs a loan, then the lending 
: institute will insist that the lien be released (payed 
: off or rolled in) or subordinated to the new loan.


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