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Foreclosure/liens and foreclosures

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Expert: Dennis Herman - 9/11/2009


Question
I have a lien against a man's house for money that is owed to me. I recently received notice the mortgage lender is foreclosing on his house. What is the likelihood I will receive the money owed to me? As far as I know there is only 1 mortgage and no other lien holders.

Answer
I am not a licensed attorney.  I have a real estate license in the state of Wisconsin.  It sounds like you need an attorney.  

I did go through a similar experience.  The builder of my house went bankrupt.   I filed to collect the money he owed me, as he had over charged me for work he had not completed.  

The lawyers were the first to be paid, followed by the banks.  Of course I got nothing.  I think they pay in alphabetical order.  Lawyers, lenders and since you begins with a Y, there is little hope of seeing any money.  Just an observation.

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Dennis Herman

Expertise

I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?

Experience

Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.

Organizations
Greater Milwaukee Realtors Association Wisconsin Realtors Association National Association of Realtors

Publications
http://activerain.com/bloghome

Education/Credentials
State of Wisconsin Licensed Real Estate Sales Agent Accredited Buyer Agency Training Relocation Training Certified Senior Citizen Representative Wisconsin Real Estate Continuing Education

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