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What must the existing lien holders do?

April 26, 2017existing HOLDERS lien

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What must the existing lien holders do?

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Existing first mortgage lien holders must waive all prepayment penalties and late payment fees, agree to accept the proceeds from the H4H mortgage as payment in full, and release their outstanding mortgage liens. Existing subordinate lien holders must waive all prepayment penalties and late payment fees as well as release their outstanding mortgage liens.