2 Cases Highlight Superpriority Lien Risks For Lenders
Law360 (January 14, 2021, 5:39 PM EST) -- It is not novel or noteworthy that liens for property taxes and homeowner association dues can affect prime mortgages with disastrous consequences for lenders. However, two recent decisions from New York and Nevada reaffirm that lenders need to be diligent in paying off these liens before the sales occur.
New York's Appellate Division, Third Department, recently issued a decision that reemphasized the need for mortgagees to remain aware of tax liens that may extinguish their mortgages.
In Wells Fargo Bank NA as Trustee for Carrington Mortgage Loan Trust, Series 2006-NC3 Asset-Backed Pass-Through Certificates v. Budram, the court held that a...
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