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A comment on U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession. Parent comment

Re:U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Rec... by OldHand2018 on Wednesday April 29, 2020 @11:26AM (#23020356)
Right, if it gets taken away it gets given to me as the senior lien holder. For best legal protection, I should loan her money with some nominal interest rate.

A distant family member did this on the house of one of their kids, and it saved them from losing it in a foreclosure. The other lender was so angry with them for refusing to release their lien; but they couldn't legally force them to do it.

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Re:U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Rec... by godtoldmetodoit on Wednesday April 29, 2020 @12:22PM (#23020984)
How does this work with an asset the size of a house? Does having as little as say $5,000 in the house when the the other lender has $200,000 in give you this power to stop foreclosure?
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Re:U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Rec... by OrangeMango on Wednesday April 29, 2020 @12:44PM (#23021228)
Maybe not stop it, but make it a really big pain. They'll need you to sign off on court filings, etc. If you're obstinate, you can certainly encourage them to "deal with this house later".
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Re:U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Rec... by r00fus on Wednesday April 29, 2020 @12:30PM (#23021058)
Don't house loans require an upfront disclosure of leins against the property?
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Re:U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Rec... by opo on Wednesday April 29, 2020 @07:06PM (#23025628)
Yes. There might be a state where someone holding a lien on a house can prevent a first mortgage holder from foreclosing, but I'd certainly recommend someone talking to an attorney before trying this.
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Re:U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Rec... by jessaustin on Wednesday April 29, 2020 @03:25PM (#23023103)
This would only work in an "easy money" period, during which loan originators are eager to ignore lending standards on second mortgages. Such periods will come around again, though.
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Re:U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Rec... by 0xffff2 on Wednesday April 29, 2020 @12:08PM (#23020828)
So you're paying cash for the car? If there's no loan, who exactly is going to take it away?
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Re:U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Rec... by toomuchtodo on Wednesday April 29, 2020 @12:10PM (#23020851)
Any creditor you can’t pay who goes through the trouble of getting a judgement against you. This could be a credit card company, a healthcare provider, anyone you owe money to but can’t afford to pay.
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