Bill Bronchick dives into the concept of liens – what they are, & how to use them to profit in real estate. He touches on the 3 Categories of Liens:
1. Consensual Liens
– You CONSENT to these
– I.e. mortgages, Lines Of Credits
*Recorded first in time, first in right
2. Non-Consensual Liens
– You do NOT consent to these
– IRS, Judgements
*Recorded first in time, first in right
3. Statutory
– These are “Super Priority,” regardless of when it was accrued
– I.e. water & property taxes
A forth type of lien is a Mechanics lien: a very interesting animal. This type of lien is against the PROPERTY not the PERSON.
Watch and allow Bill to provide a simple breakdown on lien prioritization, and why it's important for you to understand the different types of liens in your state in the case of foreclosure.
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