Mortgage Lien


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Mortgage Lien

The right of a lender to take possession of a designated piece of real estate if a borrower does not repay a mortgage. For example, if Joe buys a house with a mortgage loan and then defaults, the lender may take possession of the house. The lender releases the lien when the mortgage is fully repaid.
References in periodicals archive ?
A cleaner identification would look to see that there are no mortgage liens in a borrower's full credit history.
There are three procedures a chapter 13 debtor might use to strip off a junior mortgage lien. (39) The easiest, and least costly in terms of attorney fees, is simply to provide in the debtor's plan that specified junior mortgages are not secured and, therefore, will be stripped off if the plan is confirmed.
However, foreclosing on a subpriorty lien would be worthless because no, or very few, buyers would purchase a home still subject to a mortgage lien. Moreover, the Federal Foreclosure Bar contains no procedure for obtaining Agency consent.
The loss of a deferral status may require a large tax liability to be repaid at once and could lead to tax foreclosure, wiping out the mortgage lien status entirely.
7 debtor may not void a wholly under-secured junior mortgage lien.
--Debt payments are secured by a pledge of facility revenues and accounts receivable, a first mortgage lien and a first priority security interest in all fixtures, and a debt service reserve fund.
This lien has many similarities with a mortgage lien. If the creditor can establish mechanic's lien rights, the creditor can eventually foreclose on the real estate.
"Once the proper choice of law is made, it becomes clear that Aktina is not entitled to a maritime lien superior to the Banks' preferred mortgage lien. No provision of Greek law provides for such a lien.
Shropshire helped finance the buyer's purchase of the business and holds a mortgage lien as collateral.
Supreme Court held a secured creditor's homestead mortgage lien interest cannot be reduced by a Chapter 13 bankruptcy.(59) Under BC Sections 101(45) and 1322(b)(2), a Chapter 13 bankruptcy can modify an IRS nonconsensual statutory tax lien because it is not a lien created by agreement (security interest) on the debtor's principal residence.
Debt payments are secured by a revenue pledge of the obligated group (OG), a first mortgage lien on certain property, and a debt service reserve fund (DSRF).
The loan has a term of five years, with an option for an additional five years, and was secured by a first mortgage lien on the land and improvements.

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