Replies to This Discussion

Permalink Reply by VIctor T. Gurrola on November 2, 2010 at 1:42pm

You can start off by asking for a partial lien release (just to convey title) for a much lesser amount then what’s actually owed. I just did one for 850.00 dollars (45, 00.00 Lien) and it allowed me to proceeded with my short sale. It only allows the transfer to happen since the home is not worth anything. IRS and State will do the same.

Not a rule just an option.

Permalink Reply by Wendy Rulnick on November 2, 2010 at 1:42pm

Luis - I have had this situation. You can see if the credit card company will accept a payment to settle the lien, or at least remove it to allow the sale. Get authorized and contact them asap. Best of luck!

Permalink Reply by Dawn Jones on November 2, 2010 at 2:25pm

You need to do one of two things... 1) Contact the creditor that filed the judgment and negotiate the amount down to an affordable amount (in a written payoff letter form, dated, etc... and have the seller bring cash to closing OR you can try to get the seller to make a payment arrangement with the creditor and have the lien released - which probably is not going to happen. 2) Your other option is to contact your Chase negotiator, tell them that this just came up and see if you can renegotiate a dollar amount that Chase is willing to contribute (probably now changing the short sale offer price, so don't be surprised) and then work on negotiating with the creditor to accept that amount.

Good luck and hope this helps!

Permalink Reply by Luis Cardozo on November 4, 2010 at 4:14am

Thank you, Victor. Very good suggestions. I will let you know what happened.
Luis Cardozo

VIctor T. Gurrola said:

You can start off by asking for a partial lien release (just to convey title) for a much lesser amount then what’s actually owed. I just did one for 850.00 dollars (45, 00.00 Lien) and it allowed me to proceeded with my short sale. It only allows the transfer to happen since the home is not worth anything. IRS and State will do the same.

Not a rule just an option.

Permalink Reply by Luis Cardozo on November 4, 2010 at 4:15am

Thank you, Wendy. Good Suggestion.

Wendy Rulnick said:

Luis - I have had this situation. You can see if the credit card company will accept a payment to settle the lien, or at least remove it to allow the sale. Get authorized and contact them asap. Best of luck!

Permalink Reply by Luis Cardozo on November 4, 2010 at 4:16am

Thank you, Dawn. Very good suggestion. I will let you know what happened.
Luis


Dawn Maley said:

You need to do one of two things... 1) Contact the creditor that filed the judgment and negotiate the amount down to an affordable amount (in a written payoff letter form, dated, etc... and have the seller bring cash to closing OR you can try to get the seller to make a payment arrangement with the creditor and have the lien released - which probably is not going to happen. 2) Your other option is to contact your Chase negotiator, tell them that this just came up and see if you can renegotiate a dollar amount that Chase is willing to contribute (probably now changing the short sale offer price, so don't be surprised) and then work on negotiating with the creditor to accept that amount.

Good luck and hope this helps!