"Did they confirm they would entertain a value dispute? Seller should be consulting with an attorney potentially about BK if Bayview won't postpone. Very possible they won't want to postpone with a value 200k higher and non approved offer."
"My initial reaction is I would not touch this. I imagine the lawyer did not comply with the California Home Sales Equity Act as required when a property is in foreclosure and most likely did not give the owner adequate paperwork to sign nor respect…"
"The biggest challenge is the 3rd and 4th lien due to non borrower cooperation. If the "friend" is the borrower of the 3rd and 4th then they likely need to provide financials and/or sign off on those short sale approval letters. Without…"
"When a mortgage debt is discharged through a ch 7 the lien still remains on title. If the lien is on the property then the debt must be settled to release the lien from the property. Typically ch 7 do not strip subordinate liens. If it was a ch 13…"
"Thank you all for your comments and guidance. I know the "Friend" is no longer reachable. My client (Seller) has tried to contact them to help get it straighten out but to no avail.
As far as the title changing from person to…"
"When the property was Quit Claimed to the "friend / tenant" did the owner sign that Quitclaim Deed? I think the bigger concern with this transaction will be Fraud - specifically Mortgage Fraud, Fraud for Housing, etc. If the seller…"
Brett brought up a very important factor that I forgot to mention. You need the cooperation of the "friend" otherwise how will you get authorization to the servicing company?
Brett, "A ch 7 won't make it so you don't…"
"Russ, you need to settle all liens on title. You likely need the "friend" to cooperate if they are the one who pulled out the other notes and the servicers may need their financials. I'd be exploring that before spending too much on…"
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