jrivest
Feb 14, 2007, 10:32 PM
Six years ago an acquaintance of mine bought a house and makes monthly mortgage payments to the bank. Five years ago he was convicted of a felony in a U.S. Federal Court and is required to make a monthly restitution payment to the U.S. government. At the time of his conviction the U.S. Federal Court put a lien on his house. My guess is that the government put the lien on the house as a form of security should he default on the restitution payments.
Should he die before paying off his house AND before paying off his restitution, which entity will get paid FIRST when his estate is settled? The bank (for the balance of the mortgage loan) or the U.S. government (for the balance of the unpaid restitution) ?
Should he die before paying off his house AND before paying off his restitution, which entity will get paid FIRST when his estate is settled? The bank (for the balance of the mortgage loan) or the U.S. government (for the balance of the unpaid restitution) ?