HELP! I need to get 2 judgments released to close a short sale.

Hi Everyone,

I could really use some help.  I have a client that has 2 judgments that need to be released so that her short sale can be completed.  What is the best & fastest, as time is of the essence, way to get them to release them.  One is Capital One but it is with a lawyer (about $2K) and the other is with an apartment complex management company (about $4.5K).

My client has absolutely no money & doesn't work.  I know that I need to get them to sign a Release of Land from Judgment Lien but how do I get them to do that when I have nothing to offer them?  This property is located in Minnesota.

 

Please Help!! Tenative closing is October 10th but approved out until October 24th.

Thanks,

Carolyn

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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.

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.

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.

I see this as a learning opportunity.

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