If more than 1 lienholder, the order of money distrubution depends on
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Whether the lien was recorded
Who is the foreclosing lienholder
Who is included in the foreclosure
Which recorded first
Purchase money lienholder
shelter rule
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, applies to HDC like applies to BFP.
non BFP can still gain benefit
If not included in foreclosure proceedings, then...
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that parties interest survives the foreclosure (senior)
Foreclosures involve the
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recording system
Who gets paid first?
Who gets paid next?
When would a foreclosing lienholder not get paid first?
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Foreclosing lienholder (not required that the foreclosing lienholder is the
lienholder who recorded first).
Lienholders who recorded after the foreclosing lienholder in order that
they recorded.
, If there was a purchase money lienholder who's lien helped the debtor
purchase the land. (unusual b/c usually first and foreclosing)
General lienholder priority may be different that foreclosure payment priority
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because foreclosure payment priority only includes lienholders who are in
the foreclosure proceedings
Borrowers can also be called
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debtor
mortgagor
What does the end of the foreclosure terminate?
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The lienholders interest in the property. Underlying debt not terminated if
not fully paid. Lienholder can sue in personal action.
What is a Deed of trust
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Whether the lien was recorded
Who is the foreclosing lienholder
Who is included in the foreclosure
Which recorded first
Purchase money lienholder
shelter rule
Give this one a try later!
, applies to HDC like applies to BFP.
non BFP can still gain benefit
If not included in foreclosure proceedings, then...
Give this one a try later!
that parties interest survives the foreclosure (senior)
Foreclosures involve the
Give this one a try later!
recording system
Who gets paid first?
Who gets paid next?
When would a foreclosing lienholder not get paid first?
Give this one a try later!
Foreclosing lienholder (not required that the foreclosing lienholder is the
lienholder who recorded first).
Lienholders who recorded after the foreclosing lienholder in order that
they recorded.
, If there was a purchase money lienholder who's lien helped the debtor
purchase the land. (unusual b/c usually first and foreclosing)
General lienholder priority may be different that foreclosure payment priority
Give this one a try later!
because foreclosure payment priority only includes lienholders who are in
the foreclosure proceedings
Borrowers can also be called
Give this one a try later!
debtor
mortgagor
What does the end of the foreclosure terminate?
Give this one a try later!
The lienholders interest in the property. Underlying debt not terminated if
not fully paid. Lienholder can sue in personal action.
What is a Deed of trust
