Loans, Liens, and ForeclosuresCornell Course

Real estate is expensive. Financing transactions usually involves borrowing from lenders and other investors, and obtaining financing is rarely simple. Once financing has been secured, it means that multiple parties have a financial interest in the property. And if agreements aren't adhered to, these interests can become claims against the property.

There are also legal ways parties can declare interest in a property. When properly filed, courts, mechanics, and lenders can claim a lien against a property to record an unsatisfied debt. When an owner sells the property or if they fail to meet their financial obligations, the property can be foreclosed to satisfy the debt. The ensuing process can be complicated and emotionally taxing.

In this course, you will analyze the residential and commercial mortgage lending processes. Along the way, you will examine loan terms, such as underwriting, commitment, and promissory note, and assess the role they play in the process. You will also consider the essential responsibilities of the borrower and the lender. You will then explore different types of liens and the critical concept of lien priority in real estate, along with the resulting effects on owners, lenders, and investors. Based on these concepts, you will evaluate the foreclosure process and assess how debts are settled when foreclosure occurs. Through successful completion of this course, you will gain the ability to navigate and communicate about the mortgage process, lien priority, and the foreclosure process.