Foreclosures Help Information

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Foreclosure Laws In California

Question: california law re: foreclosures?

I am trying to locate the law that says if you get a house in foreclosure that all of the prior liens of record are wiped out by the foreclosure. That is true isnt it? I dont know about tax liens but regular liens are wiped out right? but i cant find the law to back me up. I know it is out there!

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Answer: Typically on a foreclosure, you get the right, title and interest of the lienholder. If the property tax lien has a "superpriority" it may have priority over earlier liens (not sure) but with tax liens, only the junior liens are wiped out. So if the house has a first and second deed of trust and a couple of judgment liens as well as the tax lien, which you have stepped into with the foreclosure, none of the earlier filed liens will be wiped out. The general rule with tax liens (other than property tax liens which have their own rules) is "First in time is first in right".

California Law for Loan Modifications Senate Bill 1137

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Foreclosure Laws In Texas

Question: Taxas Law, How do you foreclosure on non-paying buyer for horses?

Need to foreclose due to non payment on horses. How do you do it in Texas?

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Answer: Foreclosure refers to real estate, so you do not 'foreclose' on them. Provided you have a contract, and they have defaulted on the agreement, you merely go to the county clerk's office and pay a small fee to file a lawsuit against them for "Breach of Contract". The clerk will give you a court hearing date, and at the hearing, you will tell the judge why they have defaulted on the loan, and the defendant will have to prove they've maintained their part of the agreement, or else the judge will Order a Default Judgment against them. If this happens, the only way you will get the money from them, if they don't pay you, is to file the default judgment (in the circuit court), which will be 'liened' against any property they own. However, you will only get your money when the property is sold.

North Carolina Foreclosure Laws - How to Stop Foreclosure