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[+] The Other Shoe Has Yet To Drop - AbstractorWatchdog com/NY (1 reply)
6/8/2009 9:19:28 PM (4345 views)

[-] Multiple Choice... - Robert Franco/OH (24 replies)
6/8/2009 10:51:53 AM (4649 views)
Re: Multiple Choice... - Dorothy Payne/NY
6/8/2009 11:34:47 AM (3432 views)
Re: Multiple Choice... - Dave Pell/GA
6/8/2009 12:07:25 PM (3235 views)
Re: Multiple Choice... - Karen Hurley/KY
6/8/2009 2:48:08 PM (3229 views)
Re: Multiple Choice... - Dave Pell/GA
6/8/2009 3:35:38 PM (3152 views)
Re: Multiple Choice... - Robert Franco/OH
6/8/2009 3:40:19 PM (3182 views)
Re: Multiple Choice... - Patrick Scott/IL
6/8/2009 5:01:56 PM (3273 views)
Re: Multiple Choice... - James "Lin" Toney, Jr,/MS
6/8/2009 5:55:04 PM (3212 views)
Re: Multiple Choice... - Jessica Talley/NJ
6/8/2009 7:22:12 PM (3144 views)
Re: Multiple Choice... - J. H./OH
6/8/2009 9:34:39 PM (3188 views)
Re: Multiple Choice... - Karen Hurley/KY
6/9/2009 12:38:54 AM (3030 views)
And, the correct answer is... - Robert Franco/OH
6/9/2009 10:30:39 AM (3228 views)

"C, The bank is entitled to $30,000, the financing company is entitled to $20,000, and the driver is entitled to the remaining $40,000."  J.H. got the answer right, with the correct explanation.

Like most of you, I also selected "A."  In the real world, the plaintiff in the foreclosure would serve everyone with an interest in the property, which would seem to include cyclist.  Cyclist is going to file an answer claiming the first and best lien, and cyclist would get paid first.  I think that is assuming more facts than they gave us, however.

Like, J.H. said, the problem specifically mentions that bank joined the financing company in the suit, but it did not mention cyclist at all in this regard.  Thus, as a non-party to the foreclosure, cyclists lien would be undisturbed and the buyer at the sheriff's sale will take subject to it. 

Here is the rule that they want us to learn, and what they are attempting to test with this question:

Foreclosure destroys all interests junior to the mortgage being foreclosed and does not affect any interest senior to the mortgage being foreclosed.

I just don't like this rule... at least the way it is phrased.  Rather, I think that it depends more on whether the party was joined in the suit than whether the lien is junior or senior.  However, perhaps the correct distinction is that if cyclist were made a party, he would answer and request that his lien be foreclosed on first, then the rule would make sense.

I still don't like the outcome... the cyclist with the first lien here was not served with notice of the suit and he could have been paid in full.  Worse, the driver walked away with $40,000.  But, cyclist would still be able to try to recover from driver or foreclose on the new owner if he doesn't pay up.

Thanks, everyone, for the great discussion.

Best,
Robert A. Franco
SOURCE OF TITLE

 

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Re: And, the correct answer is... - Dave Pell/GA
6/9/2009 11:59:48 AM (3076 views)
Re: And, the correct answer is... - Robert Franco/OH
6/9/2009 12:27:25 PM (3131 views)
Re: And, the correct answer is... - george Hubka/MI
6/9/2009 9:12:28 PM (3050 views)
Re: And, the correct answer is... - Patrick Scott/IL
6/9/2009 11:12:06 PM (3040 views)
Re: And, the correct answer is... - Robert Franco/OH
6/10/2009 11:04:32 AM (2993 views)
Re: And, the correct answer is... - Robert Franco/OH
6/10/2009 10:59:52 AM (3032 views)
Re: And, the correct answer is... - george Hubka/MI
6/10/2009 11:07:37 AM (2944 views)
Re: And, the correct answer is... - Robert Franco/OH
6/10/2009 11:32:25 AM (3015 views)
Re: And, the correct answer is... - Karen Hurley/KY
6/10/2009 2:29:06 PM (3055 views)
Re: And, the correct answer is... - J. H./OH
6/10/2009 3:48:54 PM (3028 views)
Re: And, the correct answer is... - Cyril Gonzales, III/LA
6/15/2009 12:43:18 PM (2944 views)
Re: And, the correct answer is... - Robert Franco/OH
6/15/2009 1:08:57 PM (2963 views)
Re: And, the correct answer is... - Dave Pell/GA
6/15/2009 4:40:21 PM (3121 views)

[+] Michigan Pre Foreclosure Fees - Ellen Maher/MI (20 replies)
6/6/2009 4:00:49 PM (3281 views)

[+] Verification Bureau - Donna Stovall/NY (2 replies)
6/5/2009 3:07:04 PM (2866 views)

[+] Prferred Document - No Pay Company - Mary Buchanan/IN (1 reply)
6/2/2009 10:28:09 AM (3067 views)




[+] Equity National/ ValuNet - Joanie Hahr/VT (5 replies)
6/1/2009 9:26:19 PM (3724 views)

$1900.00 to file a foreclosure in Florida - Dave Pell/GA
6/1/2009 11:58:55 AM (3827 views)

[+] Title Companies - Eric Mattson/WV (2 replies)
6/1/2009 3:34:30 AM (3324 views)

[+] FULL 40 year searches $? - K.C./CA (5 replies)
5/28/2009 6:55:00 PM (3356 views)

[+] Question to MI abstractors - Alix Ott/MI (2 replies)
5/28/2009 5:20:21 PM (3172 views)

Leigh Rampey, Owner of Back Forty Abstracts, LLC - Edward Huguenin/SC
5/27/2009 6:46:37 AM (3424 views)

[+] Slow Down - CHRISTIE NIELSEN/ID (7 replies)
5/26/2009 1:27:08 PM (3425 views)

[+] CONGRATULATIONS ROBERT - Wanda Steudel/OH (18 replies)
5/26/2009 11:34:14 AM (3241 views)

[+] RECORDINGS - Saundra  Scott/MD (12 replies)
5/25/2009 7:40:29 AM (3308 views)

[+] American Freedom Assurance - Barbara Bennett/IN (8 replies)
5/22/2009 2:03:06 PM (3301 views)


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