QUESTION
Can the bank reattach the lien if the property that will be sold to another party who will reinstate the loan and pay-off the 1st in a short time?
Asked on May 21st, 2013 on Foreclosures - Washington
More details to this question:
I have a friend who is facing foreclosure next month. The 1st is foreclosing. He has a big HELOC/ 2nd lien on his house. He already moved out of the property and relocated. We've just found out that the bank released it's HELOC lien as per title company.
1 ANSWER
Civil Litigation Attorney serving Federal Way, WA
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The HELOC lien will not re-attach, however, the bank can still sue your friend personally for the amount owed on the HELOC. The foreclosure of the first will extinguish the debt for it, but he will remain personally liable for the second.
Answered on May 23rd, 2013 at 11:54 PM