Understanding How Liens Work in the Foreclosure Process

One issue with foreclosure in NYC are liens. Everyone wants to be paid out. Unfortunately, these two processes involve getting much less than what is owed on the property, as well as what the property is worth. There are legal lien priorities of which an order is established as to which creditor is paid first. The most common lien against your foreclosure in will be considered the first, second and third mortgages, but there are others. [Read more...]