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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?


To: Cactus Jack who wrote (95789)7/22/2008 12:49:31 AM
From: XBrit  Read Replies (1) | Respond to of 110194
 
<<If a senior encumbrance forecloses, your lien is extinguished>>

Uhoh.

Scenario is, the house is worth $600k and the guy has a first mortgage for $650k. He owes the HOA $5k. Are you saying that if the bank forecloses, we may NEVER get our $5k?

(I will be asking an attorney all these same questions, but it helps immensely if I can be prepared).