Bob purchases a vacant lot in Swellville. He borrows money for the purchase cost from his bank, and the deed of trust is recorded at the county courthouse. Next he decides to build a house on the lot. He hires an architect who he neglects to pay, and the architect files a mechanics lien. Bob also borrows money to build the house from his credit union and that deed of trust is filed. During construction, things get a little tight for Bob, so he stops making payments on the note to the credit union, which then files for foreclosure. Bob, realizing he is in way over his head, moves to parts unknown. All his creditors claim his property. In what order will his creditors get paid, and why in that order?

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The Answer of Bob purchases a vacant lot in Swellville. He borrows money for the purchase cost from his bank, and the deed of trust is recorded at the county courthouse. Next he decides to build a house on the lot. He hires an architect who he neglects to pay, and the architect files a mechanics lien. Bob also borrows money to build the house from his credit union and that deed of trust is filed. During construction, things get a little tight for Bob, so he stops making payments on the note to the credit union, which then files for foreclosure. Bob, realizing he is in way over his head, moves to parts unknown. All his creditors claim his property. In what order will his creditors get paid, and why in that order?

Bob Purchases a Vacant Lot in Swellville