Lien Priorities

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lien priorities level that has to be entertained when you are to recovThere several liens that can be applied to the home as they guarantee the lender to take the house back if you have not returned the loan.  There are different types of liens and everyone has a different property according to the scenario. These are not only the property restriction on your home but there are also other liens is well such as federal tax liens, state tax lien, judgment lien, mechanics liens and voluntary liens is well. The propriety level is decided on the base of thumb rule that is first in time first in place. The first place in the list will be senior to all other liens and second will be only junior to the first one but will senior from the rest and so on.
There lien priority level is such as if the first lien is the foreclosing is well it will get the preference and all other liens in the list will be ignored but there is special case is well if there is some amount left the next lien in the list will get paid other wise no. The second scenario is that if the second lien is the foreclosing it has to take care of the first lien. What it means is that the second lien holder in the list is responsible for paying to the first lien holder and all rest will be wash off. This is the priority level that continuous for the liens in the normal sequence but there are some cases is well.
Property tax liens and IRS liens are the special one. Property tax lien priority level is higher than any other lien in the list. If you have to pay the property tax it does not matter when the other liens were recorded all of them get wiped off and the preference is given to the property lien as it sits on top of the priority list. When you have to pay the property lien tax all other lien does get wiped off but not the IRS lien as it is exception in that case. IRS lien only has the right of redemption when there is still equity in the house but this is one situation that is indeed very rare to occur. There is also option for the lien holders to pursue their unpaid debit. This is something that is called deficiency judgment as it will allow them to collect their unsecured loan but it should be done according to the laws of the state but this is not something that has good priority level as there position is just as a credit card holder. These are the er your unpaid debit.


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