lien status

Posted By: Dodge

lien status - 05/21/10 09:01 PM

I need true examples of a second lien.

If I have one note with one mortgage and come in and get another note with another mortgage for some home improvements. Is that a true second lien?
Posted By: Dani York, CRCM

Re: lien status - 05/21/10 09:10 PM

The lien position will be based on the outstanding number of deeds and the order in which they were filed.

In your example, if the first loan had a deed prepared and filed 1/1/10 and there were no other "active" deeds on the books, that is a first lien. If you filed a different deed on the second loan on 2/1/10 (and did not release the 1/1/10 deed), it would be a second lien.