What type of lien would take priority over a first mortgage?

judgment lien
Liens generally follow the “first in time, first in right” rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.

Does IRS tax lien take precedence over a mortgage?

Federal tax liens do not take precedence over purchase money mortgages or mortgage loans. The IRS considers a purchase money security interest or mortgage to be valid under local laws, so it is protected even though it may arise after a notice of Federal tax lien has been filed.

Which of the following liens has top priority?

A general rule in property law says that whichever lien is recorded first in the land records has higher priority over later-recorded liens. This rule is known as the “first in time, first in right” rule.

Which of the following takes priority over all other liens?

Mortgage liens usually take priority over any other lien except tax liens.

Can I refinance my mortgage with an IRS tax lien?

If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home.

How long are IRS liens valid?

ten years
The federal tax lien continues until the liability for the amount assessed is satisfied or becomes unenforceable by reason of lapse of time, i.e., passing of the collection statute expiration date (CSED). IRC § 6322. Generally, after assessment, the Service has ten years to collect the tax liability.

What lien against a property takes priority over all other liens including a first mortgage lien quizlet?

A real property tax lien has priority over all other liens. The borrower gives the lien to the lender as security for the loan on the property.

How does lien priority change?

How can a junior lien’s priority be changed? The lienee can “promote” one lien above another at the request of a lienee. A lienor can sue to have its lien reclassified as superior. If the holder of a superior lien dies, an inferior lien holder automatically moves up on the schedule of priority.

Is your mortgage in 1st lien mortgage position?

A first mortgage is not the mortgage on a borrower’s first home; it is the original mortgage taken on any one property. It is also called First Lien. If the home is refinanced, then the refinanced mortgage assumes the first mortgage position.

Which of these liens is most likely to be the senior lien?

The lender properly and promptly records their lien, in California usually a “Deed of Trust” commonly referred to as the first trust deed. This is the senior most lien.

What will describe any easements on a property?

A property easement is a legal situation in which the title to a specific piece land remains with the landowner, but another person or organization is given the right to use that land for a distinct purpose.

What type of individual’s property is affected by a general lien?

A general lien is one that doesn’t attach to a specific piece of collateral. Instead, it attaches to all the assets of the borrower. This includes their house, bank accounts, vehicles, and any other personal property the borrower may own.

Which option best defines an equitable lien?

An equitable lien is a claim on property by someone other than the owner when an unpaid debt is owed.

What is the difference between a general lien and a specific lien?

What is the difference between the terms general and specific? If a lien is general, then it applies to all personal and real property. If it is specific to one property, such as a house upon which a mortgage is applied, then it is specific.

When an owner in Severalty dies testate the property will be?

When a person who owns real estate in severalty dies testate, his property: A) goes entirely to the surviving joint tenant.

Is an encroachment a lien?

Any claim, lien, charge, or liability attached to and binding on real property that may lessen its value or burden, obstruct, or impair the use of a property but not necessarily prevent transfer of title; a right or interest in a property held by one who is not the legal owner of the property. Also spelled incumbrance.

What encumbrance against real property is always monetary?

Liens Are the Best-known Encumbrance

Liens are monetary claims against a property to secure an obligation or debt of the property owner. A contractor could place a mechanic’s lien on real estate for the construction of a driveway until the contractor is paid for their work. Liens for unpaid taxes are also common.

Which of the following liens does not need to be recorded?

Which of the following liens does not need to be recorded to be valid? A statutory lien is created by statute. A real estate tax lien, then, is an involuntary, statutory lien. It is created by statute without the property owner taking it on voluntarily.

What is the primary danger of allowing an encroachment?

What is the primary danger of allowing an encroachment? Over time, the encroachment may become an easement by prescription that damages the property’s market value.

Which of the following are considered liens?

The answer is judgment, attachment, mortgage. Judgments, attachments, and mortgages are all considered liens.

When an easement is attached to a property the property enjoying the usage right is called the?

The property enjoying the usage right (easement appurtenant) is called the. dominant tenement someone who has the permission to use your property. or dominant estate. The property containing the physical easement itself is the servient tenement, since it must serve the easement use.

How can I stop a property encroachment?

Solutions to encroachment:
  1. Legal approach: One can always take the legal route to get an injunction order or eviction notice from the court to do away with the illicit possession of your property. …
  2. Out of court settlement: Legal assistance is not only expensive but also time taking.