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Source Anticipatory Repudiation Anticipatory Repudiation Showing the closest available flashcard practice.

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0 tracked cards Real Property

A senior mortgagee forecloses but mistakenly fails to join a properly recorded junior mortgagee.
What is the general effect on the omitted junior mortgagee?

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The omitted junior lien becomes senior to all interests because it was omitted. The omitted junior lienholder loses all rights if the foreclosure price was fair. The omitted junior lienholder generally is not bound by the foreclosure and may retain rights such as redemption or foreclosure of its lien. The omitted junior lien is converted into an unsecured debt against the foreclosure purchaser only.

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