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"Miss a couple of payments and that lender will be all over you". "And with their superior-lien status, they're going to get their money no matter what.
Policymakers could amend existing law as it relates to the superior-lien status and the use of expedited foreclosure, or ban altogether what has become a parasitic cottage business.
There can be no liens on the property from the solar company that are superior to Fannie Mae's first lien position.
property other than real property is perfected when a creditor on a simple contract cannot acquire a judicial lien that is superior to the interest of the transferee". Under this definition, a transfer by check is "perfected" when the check is honored because after that time no one can acquire a judicial lien superior to the interest of the transferee.
a transfer of a fixture or property other than real property is perfected when a creditor on a simple contract cannot acquire a judicial lien that is superior to the interest of the transferee.
Hauan, Ciric, Westerberg & Lien (1999b).
Pan S-L, Lien I-N, Chen TH.
"This is known as perfecting the lien," Mr. Shupack said, adding that if a lender fails to perfect his lien, a subsequent lender who does perfect his lien may have a superior claim to payment in the event of a foreclosure.
Wu S-Y, Lin M-C M-C, Lan C, Lai J-Sai J-S, Lien I-N.
The lien was dropped.
Illustration: Reuters/Art Lien.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com