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Yes, the friendly lien is 2nd in line. But it will protect your equity.
For example, your house is worth 500K. You own 300K. You friendly lien 200K.
You lose the house to a tax lien. The town would have to sell the house for 500K so they can pay everyone back.
If you don't have the Friendly Lien the town coud sell the house for 300K, pay back the bank, and the you are SOL.
Right?
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