1st mortgage priority

1st mortgage priority not fixed

truck that brings food to the workers at lunchtime. There is no simple dividing line that is useful in every state, or even in every case. Often, determining whether a party has 1st mortgage priority legitimate lien right depends on examining other cases that have either upheld or rejected lien claims in the same state. ``This could have incredible implications for the real estate market,'' said Robert Aalberts, a business-law professor at the University of Nevada-Las Vegas. ``You 1st mortgage priority see people in involuntary servitude for years, trying to pay off their real estate debts.'' The Californians most obviously at risk are homeowners who have refinanced to patch up faltering finances or, worse, to forestall a foreclosure. 1st mortgage priority at risk are hordes of recent home buyers who stretched to buy homes using interest-only loans, ``option ARMs'' and other exotic mortgages that they would like to refinance before low initial monthly payments vault higher. Even the affluent are 1st mortgage priority if they lack enough insurance to cover their losses if their homes were severely damaged by an earthquake, mudslide or other natural disaster -- and they try to hand the keys back to the lender. As things now stand, lenders rarely seek judicial foreclosures in cases involving residential real estate. The obvious practical 1st mortgage priority is that lenders typically foreclose as a last resort, and homeowners are broke and have little prospect of every repaying the loan. And thanks 1st mortgage priority double-digit increases in real estate values, homes generally fetch enough to cover the mortgage anyway. In addition, lenders are hesitant to seek judicial foreclosures because they're time-consuming, expensive and ultimately leave the outcome