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My brother died at age 70, he was never married, house is

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worth $80,000.00. He has a...
my brother died at age 70, he was never married, house is worth $80,000.00. He has a first mortgage of $50,000.00, a lien against his home for past repairs for $34,000.00 and a lien from a credit card company for $5,500.00. Can the bank, the first mortgage
holder sell the property to recover its $50,000.00 and ignore the other lien holders?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 2 minutes by:
10/28/2015
Real Estate Lawyer: Alex Esquire, Attorney at Law replied 2 years ago
Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16,742
Experience: Experienced Licensed Attorney / Real Estate Law Mentor
Verified

Hello. My name is***** will be happy to answer your question.

I am sorry to hear about this unfortunate situation.

The bank would generally foreclose and sell the property and will apply the proceeds of the sale to any amount of money owed to the bank and the surplus amount (if any) would be paid to the other lien holders according to the lien order.

I wish you the best of luck!

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Real Estate Lawyer: Alex Esquire, Attorney at Law replied 2 years ago

Please let me know if you have any related follow up questions?

If not, please positively rate and accept my answer, so I can be compensated for my work.

Thank you.

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Alex Esquire
Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16,742
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