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Updated about 6 years ago,
Mechanic Lien in Texas
Hi,
I am interested to buy one property in foreclosure in Texas. This property has a mechanic lien filed before the deed of trust, but the deed of trust mentioned that "Deed of Trust is granted by the Borrower(s) to secure Borrower indebtedness to Lender, the indebtedness secured hereby is in renewal and extension but not in extinguishment of that indebtedness .. of the mechanic lien".
Now, the bank uses the deed of trust to foreclose on the property. Does it mean the deed of trust also include "renew and extend" the mechanic lien, and the mechanic lien exists at the foreclosure? And the buyer doesn't have to pay additional cash to remove the mechanic lien?
Thanks,