Bank won't go in second position!! - Posted by Tim (CT)

Posted by James Strange on August 26, 2003 at 18:35:09:

Why would the bank want to be in second?

It makes a lot of sense for the bank to be in first. It is up to you to get the lein off and the bank does dot care about your situation.

Bank won’t go in second position!! - Posted by Tim (CT)

Posted by Tim (CT) on August 26, 2003 at 09:29:52:

Here’s the situation:

My brother and I own a house free and clear outside of a $2,000 lien. The property is worth $140,000 (bank did a drive-by appraisal). First off, the lien placed against the property is invalid due to the fact that it’s monies my parents owed (they live in the house and my mother has life-use) a previous landlord. So, how can a lien get placed on an asset they don’t own (nobody seems to have an answer for that - including the attorney who placed the lien 10 years ago!!). O.K. No big deal, I’m thinking. Even if the lien is valid, there’s still $138,000 in equity!! All we’re trying to do is get a home equity line of credit for $50k. The bank we’re dealing with won’t do it unless they can get into first position. Does this make sense to anyone?

Any thoughts are appreciated

Re: Bank won’t go in second position!! - Posted by Mike (NY)

Posted by Mike (NY) on August 26, 2003 at 23:10:25:

Your best bet is probably to do a refinance and use part of the proceeds to pay off the lien. It is probably more costly to fight a $2,000 lien then to pay it off.

Best Wishes,

Michael Pine
AIM: Mortgagebroker71
Michael Pine