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how do you cure a 26 million dollar default when you only owe four million dollars well according to the recent case of our Alone's vs. investors warranty of America you don't hi I'm Julia way an attorney here with the Law Offices of Peter n Brewer over the last decade I've represented a number of junior lien holders and this case was of particular interest to me because it's discussing what happens to junior lien holders in the subordination agreement situation junior lien holder re loans made a loan for 3 million dollars and it was secured by Jack's ranch in San Luis Obispo in this case they agreed to subordinate their loan to senior lien holder for four million dollars imagine their surprise when later they received a notice of default that said that the borrower was owing 26 million dollars obviously re loans was not going to cure the default with a payment of 26 million dollars the property went to foreclosure sale and was sold to a third-party better instead what are you alone s...
