HELP! I need to get 2 judgments released to close a short sale. - Short Sale Superstars2024-03-28T11:08:23Zhttp://shortsalesuperstars.com/forum/topics/help-i-need-to-get-2-judgments-released-to-close-a-short-sale?feed=yes&xn_auth=noOld or not, this thread reinf…tag:shortsalesuperstars.com,2012-02-20:3468065:Comment:2144122012-02-20T01:28:22.558ZDrew Ludlowhttp://shortsalesuperstars.com/profile/DrewLudlow
<p>Old or not, this thread reinforces my opinion that we all MUST do title searches (including judgement search) at the outset of taking these listings.</p>
<p>It seems that no matter how many times I ask a seller "do you have any judgements or liens other than your mortgage". The response is always "none that I know of..." and the final result ends up like this.</p>
<p>I see this as a learning opportunity.</p>
<p>Old or not, this thread reinforces my opinion that we all MUST do title searches (including judgement search) at the outset of taking these listings.</p>
<p>It seems that no matter how many times I ask a seller "do you have any judgements or liens other than your mortgage". The response is always "none that I know of..." and the final result ends up like this.</p>
<p>I see this as a learning opportunity.</p> Is it just me or is anyone el…tag:shortsalesuperstars.com,2012-02-19:3468065:Comment:2141832012-02-19T18:48:48.115ZDonna McClellandhttp://shortsalesuperstars.com/profile/DonnaMcClelland
Is it just me or is anyone else wondering why this week's discussions have posts from sept of 2011? Anyway, my answer to this question would be to talk to title/escrow (if u use them in MN) and see if they can do a homestead exemption to allow the property to be sold. I've done this several times on Arizona short sales. Basically it removes the lien from the propertty so it can be sold, but the seller still has the judgment against him. It only applies to judgments under a certain amount, like…
Is it just me or is anyone else wondering why this week's discussions have posts from sept of 2011? Anyway, my answer to this question would be to talk to title/escrow (if u use them in MN) and see if they can do a homestead exemption to allow the property to be sold. I've done this several times on Arizona short sales. Basically it removes the lien from the propertty so it can be sold, but the seller still has the judgment against him. It only applies to judgments under a certain amount, like $25k, varies by state. I'm not sure which states have this other than CA and AZ and/or what it would be called in another state. Since you posted this in Sept, let us know how it turned out. Is there a mortgage and who h…tag:shortsalesuperstars.com,2012-02-18:3468065:Comment:2140132012-02-18T20:55:33.989ZJoann Torvikhttp://shortsalesuperstars.com/profile/JoannTorvik
<p>Is there a mortgage and who holds the mortgage? They will have to settle for less or go into foreclosure. They could offer the two judgments some money, if Capitol One and the management company do not accept what the mortgage company is agreeing to give them, they will get nothing if the property is foreclosed on, they will not have any collateral, except to file their judgments against the person, which will probably not own another home for a long time.</p>
<p>Is there a mortgage and who holds the mortgage? They will have to settle for less or go into foreclosure. They could offer the two judgments some money, if Capitol One and the management company do not accept what the mortgage company is agreeing to give them, they will get nothing if the property is foreclosed on, they will not have any collateral, except to file their judgments against the person, which will probably not own another home for a long time.</p> I work with an attorney, and…tag:shortsalesuperstars.com,2011-09-26:3468065:Comment:1760002011-09-26T15:57:01.655ZPat Perrottahttp://shortsalesuperstars.com/profile/PatPerrotta
I work with an attorney, and had him call the other attorney about a judgement of some $240,000. They settled for $1,000 which the other agent and I gladly split to get this done. An attorney on your side does wonders!
I work with an attorney, and had him call the other attorney about a judgement of some $240,000. They settled for $1,000 which the other agent and I gladly split to get this done. An attorney on your side does wonders! Good luck! I hope it goes we…tag:shortsalesuperstars.com,2011-09-26:3468065:Comment:1758722011-09-26T15:47:45.429ZMike Ashcrafthttp://shortsalesuperstars.com/profile/MikeAshcraft
Good luck! I hope it goes well. Let us know what happens.
Good luck! I hope it goes well. Let us know what happens. We are in Minnesota. Seller h…tag:shortsalesuperstars.com,2011-09-26:3468065:Comment:1759982011-09-26T15:43:18.926ZCarolyn Lienhttp://shortsalesuperstars.com/profile/CarolynLien
We are in Minnesota. Seller has No Income what-so-ever. She's on state assistance. Buyer does not want to contribute. Can't say I blame her. Why would I want to pay off someone else's bad debts. I've been praying for pennies from heaven but so far nothings falling - only dried up leaves.
We are in Minnesota. Seller has No Income what-so-ever. She's on state assistance. Buyer does not want to contribute. Can't say I blame her. Why would I want to pay off someone else's bad debts. I've been praying for pennies from heaven but so far nothings falling - only dried up leaves. I have been negotiating with…tag:shortsalesuperstars.com,2011-09-26:3468065:Comment:1760772011-09-26T15:41:08.678ZCarolyn Lienhttp://shortsalesuperstars.com/profile/CarolynLien
<p>I have been negotiating with them. Problem is, they want all the money that is owed and my seller has NO income. None, zero, zip. She is on state assistance. Ever tried to pull blood out of a turnip. Impossible. So I need other non-monetary ideas.</p>
<p> </p>
<p>I have been negotiating with them. Problem is, they want all the money that is owed and my seller has NO income. None, zero, zip. She is on state assistance. Ever tried to pull blood out of a turnip. Impossible. So I need other non-monetary ideas.</p>
<p> </p> Nice! So far I have had no l…tag:shortsalesuperstars.com,2011-09-26:3468065:Comment:1758922011-09-26T15:39:04.628ZCarolyn Lienhttp://shortsalesuperstars.com/profile/CarolynLien
<p>Nice! So far I have had no luck with them. It's been money or nothing. I love your idea and will try to put that into play today.</p>
<p> </p>
<p>Thanks so much and I will keep you posted.</p>
<p> </p>
<p>Carolyn</p>
<p>Nice! So far I have had no luck with them. It's been money or nothing. I love your idea and will try to put that into play today.</p>
<p> </p>
<p>Thanks so much and I will keep you posted.</p>
<p> </p>
<p>Carolyn</p> I try to put myself in the cr…tag:shortsalesuperstars.com,2011-09-26:3468065:Comment:1759862011-09-26T14:22:46.283ZMike Ashcrafthttp://shortsalesuperstars.com/profile/MikeAshcraft
<p>I try to put myself in the creditor's shoes when approaching them. I try to figure out what will appeal to them. The obvious answer is $$$$ ; ) but if there is none to motivate them, what else might? I would make it about dollars and cents/sense. </p>
<p>"Well Mr. Creditor my client needs this lien released from the property in order to do a short sale. If we can successfully do a short sale the bank will most likely forgive the shortfall and my client's monthly overhead will be $1000…</p>
<p>I try to put myself in the creditor's shoes when approaching them. I try to figure out what will appeal to them. The obvious answer is $$$$ ; ) but if there is none to motivate them, what else might? I would make it about dollars and cents/sense. </p>
<p>"Well Mr. Creditor my client needs this lien released from the property in order to do a short sale. If we can successfully do a short sale the bank will most likely forgive the shortfall and my client's monthly overhead will be $1000 less, which frees up money to start making monthly payments to you. If the bank forecloses, there is a good chance they will pursue a deficiency judgement of $50,000 which my client will have to start paying, which will increase their monthly overhead and there will be less money to pay you with."</p>
<p>If you approach these liens with the attitude of "how can I help you get what you want" (their money), you will find they get in your corner pretty quickly. Appeal to their bottom line. If they can see the benefit to what you are proposing then they usually will go for it.</p>
<p>Good Luck w/ it!</p> Two things might help.
1.…tag:shortsalesuperstars.com,2011-09-25:3468065:Comment:1756212011-09-25T13:50:23.270ZKimberley Kellyhttp://shortsalesuperstars.com/profile/KimberleyKelly
<p>Two things might help. </p>
<p> </p>
<p>1. Ask Buyers of course for a nominal contribution.</p>
<p>2. Show the lienholders the HUD netting zero to Seller, and see if they'll just sign the doc. If they insist on a payoff to do it, find out what it is and see if the Buyers may come up to all or part of it. </p>
<p>Start negotiating with them!</p>
<p>Two things might help. </p>
<p> </p>
<p>1. Ask Buyers of course for a nominal contribution.</p>
<p>2. Show the lienholders the HUD netting zero to Seller, and see if they'll just sign the doc. If they insist on a payoff to do it, find out what it is and see if the Buyers may come up to all or part of it. </p>
<p>Start negotiating with them!</p>