Banking
Nov. 20, 2009
Sorting Out Lien Priority
Mark Blackman of Alpert, Barr & Grant says a recent appellate decision has finally addressed the issue of inconsistent lien priorities.
By Mark Blackman
In the last decade, while interest rates continued to drop to record lows, borrowers repeatedly refinanced their home loans to take advantage of the lower rates. Often, liens in senior position were replaced with new loans without paying off other existing junior liens. As a condition to such refinancing, lenders required the borrower's junior lien holders to subordinate their existing loans to the new loan. For many reasons, including the sheer volume of...For only $95 a month (the price of 2 article purchases)
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