Legal Question in Real Estate Law in Texas

Home Equity Loan & Senior Lien

I am interested in a property that�s to be auctioned @ county courthouse (Trustee sale).

The original owner had an ARM loan of $139000 in 2003.

In 2006, he repaid it (there is a release on file) & took a home equity loan of $164500 (80% of the then market value).

Now the home is getting foreclosed based upon the home equity loan.

I checked that there was no other lien on the property. My question is since it is getting foreclosed based upon a home equity loan, is it considered a senior lier?

Thanks.

MR


Asked on 2/02/09, 5:43 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Home Equity Loan & Senior Lien

It could be, but is best to get a professional title search because your check probably failed to pull up any probate issues, rights in a divorce decree, federal and state tax liens, and judgment liens.

Read more
Answered on 2/03/09, 5:14 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Texas