Menu
Home>Levelset Community>Legal Help>How would I get paid for my mortgage lien on a property?

How would I get paid for my mortgage lien on a property?

New JerseyLien Releases
Anonymous Contractor

There is a property in NJ which I lent $45,000 as a mortgage. There are three lien holders on this property. The property was sold to the 1st lien holder. The 1st lien holder took over the property and he is the owner. I'm the 3rd lien holder. What happens to my payments?

1 reply

Matt Viator
Construction Lawyer
Levelset Admin at Levelset
| 1,003 reviews
Jan 16, 2020
Generally, unless a property is foreclosed, the transfer of the property shouldn't generally affect junior liens on it. So, even if the property is sold to one of the parties who holds a lien, others holding liens on the property will generally still have their interest in the property protected. And, if payments were being made on the lien previously, those payments should probably continue even after the sale. With the above being said, I'll admit I'm no expert on mortgage liens - mechanics liens are more my speed. Plus, the terms of the agreement which gave rise to the lien may dictate how the lien should carry over with a new owner. So, in order to get ultimate clarity here, it'd be wise to seek out a New Jersey real estate lawyer. They'll be able to review the relevant documentation and advise on how to proceed with getting paid.
The information presented here is not legal advice and should not be construed as such. Rather, this content is provided for informational purposes. Do not
act on this information as if it is advice. Further, this post does not create any attorney-client relationship. If you do need legal advice, seek the helSee More...See More...
0 people found this helpful
Helpful
Other questions about Lien Releases in New Jersey
1 answer
1 answer
1 answer
Related Topics
Back ChargesBankruptcyBond ClaimsBonding Off LienCanadaCash FlowChange OrdersCollectionsConstruction AccountingConstruction ContractCoronavirusCredit ManagementDefectsDesign ProfessionalFactoringForeclosureJoint ChecksLawsuitLegal Property DescriptionLicensesLien DeadlinesLien ForeclosureLien on FundsLien PriorityLien ReleasesLien WaiversMechanics LienMiller ActMonthly NoticeNotice of CommencementNotice of CompletionNotice of Intent to LienNotice of TerminationPay ApplicationsPay When PaidPayment BondPayment DisputesPerformance BondPreliminary NoticePrevailing WagesPrompt PaymentRecovery OptionsRetainageRight to LienSchedule of ValuesSlow PaymentStimulusStop NoticeSubstantial CompletionPayment AcademyCapitalInsuranceMaterialsFinancing