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.
