By: Steven Baum
New York Foreclosure Lawyer
If you are going to purchase a mortgage lien and it is a junior lien, there are several things you should know in order to protect yourself. First, hire an experienced real estate attorney. Experienced foreclosure lawyer in New York.They are your best bet.
If you are buying a junior lien that means there is in fact a senior lien. You need to know the status of the senior lien. Is it in foreclosure? Residential Foreclosure law firm. Are the loan payments current? A real estate attorney can work with the seller of the junior lien or their attorney and ask for an estoppel letter from the first lienholder.
An estoppel letter states the amount of the loan, the status of it along with some other information and most importantly it can be relied upon by a purchaser of a lien as being accurate. Residential Foreclosure lawyer should know. While not everything in life is a sure thing, an estoppel letter adds comfort to a purchaser since it comes from the actual holder of the mortgage lien.
There should be a title report or title search continuation run by your attorney in order to confirm the lien position of what you are buying. A Commercial Foreclosure law firm works on commercial matters. After all, if there is more than one lien ahead of you then you would not be proceeding with the transaction. Once you give the seller their money you aren’t going to have much recourse if things go badly. Commercial Foreclosure Lawyer works in these firms.
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