Replies to This Discussion

Permalink Reply by Amy Martin on March 11, 2010 at 3:56am

I will start by getting your 3rd party authorization and a statement with your seller & contractors information.
Research on the mechanics lien (Pre-lim is one example) and once legitimate proceed with getting the actual payoff. Let your seller get it for you its faster.Call them and find out who is the decision maker ( get the full name, phone, fax or email)and go from there like you are speaking with loss mitigation with your short sale, expressing hardship and reasons for.........Be pleasant!.

Permalink Reply by Juan Reyes on March 26, 2010 at 3:05pm

I agree with Amy, but this is what I would do.

Find out 1st how much the mechanics lien is for? If it is not a high amount (Ex. $10K) you might be able to put it on the HUD you submit with the SS pkg to see if the lender will honor it ( depends on Investor of course) and just have the HUD state payoff to 2nd lien. Typically on short sale approval letters the lender will state that any junior liens will get X amount, but will not be specific as to who the company is or that the junior lien has to be a mortgage.


Amy said:

I will start by getting your 3rd party authorization and a statement with your seller & contractors information.
Research on the mechanics lien (Pre-lim is one example) and once legitimate proceed with getting the actual payoff. Let your seller get it for you its faster.Call them and find out who is the decision maker ( get the full name, phone, fax or email)and go from there like you are speaking with loss mitigation with your short sale, expressing hardship and reasons for.........Be pleasant!.

Permalink Reply by John Treadwell on June 22, 2010 at 8:36am

I have had credit collections ,and you just Neg. a lien down like the rest offer 50%

Permalink Reply by Craig Barry on July 17, 2010 at 1:55pm

Each lien needs to obtain a satifaction from the lien holder. Have your attorney or Title company prep the lien release and make sure signature are notarized before settle with any funds.