Legal Question in Real Estate Law in Florida
Federal lien on my home
I have a lien placed on my home from a federal case. I am currently making minimal payments on the lien. I would like to refinance my home. Would I have to pay off the lien before I refinance? The term of the lien is 20 years with 18 remaining. I want to apply for a hard money loan to save me from foreclosure.
1 Answer from Attorneys
Re: Federal lien on my home
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Most likely. Unless the lienholder is willing to subrogate its position to the new lender, a new lender will not make a loan to you. All lenders want to be in first position and as it now stands, the lienholder would be ahead of a new lender. It will probably be difficult to get the lender and lienholder to agree.
Scott R. Jay, Esq.
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