Liens Facts
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A few interesting facts about liens
It is important for you to know that liens in first priority are the most ideal. Therefore, in order to obtain this priority, this needs to be verified before the closing of escrow. In order to obtain the accurate information that is required to verify the priority of the deed of trust, you will find that Title insurance policies will provide you with what you need to know.
If it happens that an error is made, or a lien has been overlooked and such aspects affect the trust deed holder, then the holder can take legal action against the company that issued the title insurance policy.
When the holder is in possession of the priority lien, they can foreclose and any junior lien holders won’t be able to stop it. That being said, there are ways in which junior lien holders can protect themselves should this happen.
To begin with, they can make certain that their lien has been accurately recorded with the county recorders office. They can also inform all senior lien holders about their lien, and ask them for written notification before they foreclose.
Related posts:
- Lien Priority
- Trust Deed Buyers & Investments
- Typical Borrowers II
- Trust Deeds | What is insured by policies?
- Trust Deed | Title Insurance
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