Question: If I have a vendor's lien on a property, which i owner finance.Do I have to pay a second lien off.?
I had to sue the buyer to get the property back. However, a bank placed a second lien on the property before I could sue to get it back.No, I did not foreclose on the property because I did not have a Deed of Trust. I did have a final judgement after a trial. However, the bank wants a payoff to clear my title.
Answer: if you want to ever sell this property, you'll have to satisfy any and all liens on the property prior to the sale. all reasons for the liens are usually inconsequential. sorry...
Debt problems harder to pay off