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Lien priority dispute arises after foreclosure proceedings
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Court Report
Thursday, August 14, 2014
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The mortgagee for a property in Shrewbury, Mass., received first lien position when it provided a mortgage for the homebuyers. The note and mortgage were assigned to a few different mortgage servicers through MERS. In the meantime, the homeowners used the property as collateral for a business improvement loan. When the latest assignee went to foreclose on the property, it discovered the business loan creditor and filed suit for equitable subrogation. The creditor moved for summary judgment, arguing that the assignee’s title insurance should cover any losses.
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