what effect does a lien have on the determination a 1st time mortgage purchaser & what must someone do?

Mar

what effect does a lien have on the determination a 1st time mortgage purchaser & what must someone do?

Archived in the category: 1st mortgages

what are the legal options someone has in the home buying process as a 1st time home buyer when a mortgage has been offered to them & what should they do about the lien?

before I can answer your question I need to know what type of lien you have. IRS? or is it a judgment from a prior creditor and what is the amount and how old is the lien?

Feel free to e-mail me directly or revise your question

Posted by: admin - 3 Comments

3 comments for “what effect does a lien have on the determination a 1st time mortgage purchaser & what must someone do?”

tom r

before I can answer your question I need to know what type of lien you have. IRS? or is it a judgment from a prior creditor and what is the amount and how old is the lien?

Feel free to e-mail me directly or revise your question
References :
Own a Mortgage Company

March 25th, 2010 at 11:31 am

mazziatplay

Liens attach to real property as soon as you go into title. The date of the lien is what gives it priority. Consequently, if you buy a home and title goes into your name the oldest lien of record attaches first. Since this would put your lender in a subordinate position, in all probability, you will have to clear the lien before you can close on your new home.

If the lien holder will agree to subordinate their lien you might have other options depending on your loan to value.
References :
20+ years as a mortgage lender

March 25th, 2010 at 11:48 am

Plain Jane

I am not sure exactly what your questions is.
Do you mean that you have a lender that has offered you a loan and there is a lien against you? The lien will attached to the real property as soon as you become the owner and most lenders will require you to pay it off and provide proof of payment. Some lenders (very rarely happens) will consider the size of the lien and may choose to ignore it. However it might pop up again if you refinance or sell.
OR, do you mean the lien of the Mortgage. Considered a voluntary lien. When the Deed is recorded in your name the Mortgage will be recorded after and concurrently.
There isn’t a lender that I know of that wouldn’t require the Mortgage to be recorded, it is their security.
References :
Used to work for a Title and Escrow Company in the Escrow Dept. for 30+ yrs.

March 25th, 2010 at 12:17 pm

Number One Home Loans