How competitive are you at different Law Schools?

Enter your LSAT and GPA scores and find out!
GPA: out of 4.0
LSAT: out of 180
Legal Forums
Legal Forums
Welcome, Guest
Please Login or Register.    Lost Password?
lien removal and replacement (1 viewing) (1) Guest
Go to bottom Post Reply Favoured: 0
TOPIC: lien removal and replacement
Brian (User)
Expert Boarder
Posts: 141
User Offline
lien removal and replacement 7 Years, 8 Months ago Karma: 1  
Client has a lien from a family member in the amount of $50k on his house (which is worth $500k) and wants to have the lien discharges so that he can get a home equity line of credit and then have the family loan lien reinstated on the house.

I have tried to just subordinate the original lien, but the bank will not do that. Recommendations?
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
Mark (User)
Expert Boarder
Posts: 94
User Offline
Re:lien removal and replacement 7 Years, 7 Months ago Karma: 3  
Try discharging the original lien. Note, that when you discharge the original lien make sure that you state that the Payee reserves the right to reinstate the lien. Then apply for the line of credit and then reinstate the family lien. Its more work, but if the bank will not allow the family lien to be subordinated, then your only choice is to discharge and reinstate the family loan.

Hope that helps.
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
Go to top Post Reply
Powered by FireBoardget the latest posts directly to your desktop

LegalNut Resources

Attorney jobs listings and sites with attorney salary information, attorney job search functions, and salaries by law firm.

Law school rankings show how competitive your lsat scores would be at top law schools in the US.

Law school admissions advice is available both at the LSAT forum and throughout the pre-law section, including LSAT prep options, law school personal statement help, LSAT score distributions and law school bar exam pass rates.

Copyright 2006 - 2019 Rochester Ideas, LLC. All rights reserved.