loan lien record
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Can I Get a Loan While the Property Has a Lien on It?
Liens don't prohibit getting loans as long as property values support borrowing.
You usually can get a loan for a property that already has a lien on it. However, the terms of these loans can vary widely, depending on the value of the property and whether the prior lien is to be paid off with new loan proceeds. If the new loan will be in addition to the prior lien, the terms won't be as favorable as when the existing lien is to be paid.
Already recorded liens have superiority (priority) to those recorded after the first lien's recording date. Therefore, a new loan would involve the lender recording a second or inferior lien. Except for federal or local tax liens, which immediately after recording become superior liens, the earliest recorded lien is superior to all others recorded after it. Getting a loan on a property with a prior lien is less secure because of the increased lender risk.
Obtaining a loan on property with an existing lien forces the lender to file its lien in a junior position to the first lien. The higher risk to this lender increases the interest rate and, possibly, changes other loan terms. For example, the lender may require shorter repayment terms than if it was recording a superior lien. If lender points (one point equals one percent of the loan amount) are charged, more points will be due than if a first lien was being recorded.
Property value plays an important role as a factor in the ability to get another loan when a prior lien exists. If the amount of the lien is close to the appraised property value, another loan can be quite expensive or may not be available at all. For example, if the property value is $200,000 and the existing lien is for $150,000, the ability to get another loan will be restricted. Conversely, with the same property value and an existing lien of $20,000, borrowers may qualify for larger loans with better terms and lower interest rates.
If it's possible to pay off the existing lien and still receive the proceeds you need, you'll enjoy a loan with low interest rates and excellent terms. Because the new lender becomes the senior lien holder, the risk of default or loss is minimized. Even if you default on the loan, the lender has the ability to recover and sell the property to recover the outstanding balance. Plan for higher rates and less advantageous loan terms when you can't pay off the existing lien.