All Forum Posts by: Wayne Brooks

@Allison Deighan While it may not necessarily constitute a “breach”, which has different legal ramifications….if the sellers can not produce clear title by the contract closing date, then yes, you certainly are entitled to terminate and receive your EM. But, read your contract as many contracts automatically allow the seller 10-14 days to resolve title issues.

As a practical matter, if the seller can cure it within a month, that’s probably quicker than you could  find another house, put it under contract and close.  And your doesn’t have to be present to close, documents mailed away, signed and notarized elsewhere are done every day.

@Brandon DiOrio You have be set up in the rental business for this to make any sense. You’re liable for repairs and they can easily be $5k or better on even a small machine like this.

@Julie Smith

The questions you need to answer to make any decision….

What lien holder is foreclosing?

What position are they in? 2nd, third, ?

What liens are superior to the foreclosing lien or will remain afterward? Here, even though an hoa lien is Not superior, it still survives the auction and remains attached.

Quote from @Julie Smith:

Quote from @Wayne Brooks:

Quote from @Julie Smith:

Quote from @Wayne Brooks:

Quote from @Julie Smith:

I just got a title report on a property that has judicial liens that is forcing the foreclosure.  The property's mortgage is NOT in foreclosure.  I was pretty sure I understood that mortgages are senior to other liens, so what could this mean:

Title def category:  NOMTGLN Possible senior non-mortgage lien recorded

How can a judicial lien recorded years after the mortgage be a senior lien?

FYI, this is in Washington if that matters?

Thanks for any help.

This does Not say the mechanics lien is Superior to the mtg….it is saying that there is “a possibly superior mtg” to the foreclosing mechanics lien. The mechanics lien would Not be superior to a previously recorded mtg in any state I’ve heard of. The mechanics lien is like a second mtg, behind the mtg.

 Thank you for commenting.  Yes, understood about the mechanics lien not being superior, but it doesn't say "a possible superior mtg".  That is fact, there is a mortgage.  What confused me is that is says "possible senior NON mortgage".  If they said, a possible senior mortgage, that would make sense since there is one, but the NON part is was throws me.  Thanks again.

Does the title report not show the superior lien….filing date, book and page number, lienor?

You're not going to believe this, but the title company says "possible" but are not saying it is or isn't and aren't saying if that's relevant to my state. The property has an HOA lien so they are saying "possible" and that it's my responsibility to figure out if it is actually a problem lien.

I'm in WA and it's my understanding that HOA liens are not superior to mortgages, but please correct me if I'm wrong.

Thanks for all the help.

Okay, it’s helpful that you finally identified it as an hoa lien. It is very easy to know Who is foreclosing on What lien….they would be the plaintiff named in the foreclosure action.
I assume the hoa lien in WA is Not superior to the first mtg, just like here and most other states. But, that doesn’t mean they can’t foreclosure…Any lien holder can foreclose, it’s just what the Buyer ends up with after the auction is a problem. 
Assuming the hoa lien Is junior to the first, and forecloses, the buyer at the auction does end up with the property but the Senior 1st mtg stays attached to the property and the buyer has inherited this mtg debt, whether they realized it or not.

so, what exactly is the question?

Quote from @Julie Smith:

Quote from @Wayne Brooks:

Quote from @Julie Smith:

I just got a title report on a property that has judicial liens that is forcing the foreclosure.  The property's mortgage is NOT in foreclosure.  I was pretty sure I understood that mortgages are senior to other liens, so what could this mean:

Title def category:  NOMTGLN Possible senior non-mortgage lien recorded

How can a judicial lien recorded years after the mortgage be a senior lien?

FYI, this is in Washington if that matters?

Thanks for any help.

This does Not say the mechanics lien is Superior to the mtg….it is saying that there is “a possibly superior mtg” to the foreclosing mechanics lien. The mechanics lien would Not be superior to a previously recorded mtg in any state I’ve heard of. The mechanics lien is like a second mtg, behind the mtg.

 Thank you for commenting.  Yes, understood about the mechanics lien not being superior, but it doesn't say "a possible superior mtg".  That is fact, there is a mortgage.  What confused me is that is says "possible senior NON mortgage".  If they said, a possible senior mortgage, that would make sense since there is one, but the NON part is was throws me.  Thanks again.

Does the title report not show the superior lien….filing date, book and page number, lienor?

Quote from @Julie Smith:

I just got a title report on a property that has judicial liens that is forcing the foreclosure.  The property's mortgage is NOT in foreclosure.  I was pretty sure I understood that mortgages are senior to other liens, so what could this mean:

Title def category:  NOMTGLN Possible senior non-mortgage lien recorded

How can a judicial lien recorded years after the mortgage be a senior lien?

FYI, this is in Washington if that matters?

Thanks for any help.

This does Not say the mechanics lien is Superior to the mtg….it is saying that there is “a possibly superior mtg” to the foreclosing mechanics lien. The mechanics lien would Not be superior to a previously recorded mtg in any state I’ve heard of. The mechanics lien is like a second mtg, behind the mtg.

@John Perry Did you mis speak in your second post? There you said the 1st mtg holder was the plaintiff, not the second.

@Amun Chiong Your tenants pay you Rent…..period. If you’re not in a fixed lease, raise the rent, same Net effect without the ludicrous idea of having tenants send checks to your mtg company.

@Asal Al Your lender Can write a cancellation/denial letter stating you do not qualify due to recent unemployment. This is an issue with your Lender, not your agent…even though they should be able to help,persuade the lender.

Yeah, definitely private money, as in Actually Private money…friends, relatives, etc. On a tax sale you most likely can not get lenders title insurance, so any normal lenders wouldn’t do the loan, including hard money.