Replies to This Discussion

Permalink Reply by Sameer Punjani on March 8, 2012 at 9:21am

Krissy

 

Since theres no equity in the property, see if they can move the judgement to something else the seller has.  Bank of America won't pay anything towards it.  The other option is to work out some type of payment plan with them so they release the lien off title.

Permalink Reply by Krissy on March 8, 2012 at 9:23am

Thank you. The vendor did mention they are willing to negotiate the lien amount, but it sounds like the owner of this house doesn't think the judgment is called for.. so I have to wait and see what his lawyer advises him to do. I hope I don't lose the short sale over this. 

Permalink Reply by joe beauchamp on March 8, 2012 at 9:59am

Almost everything is negotiable. Less so with HAFA, FHA, etc. Basically if the investor is oblivious to maximizing what he gets back for his loan, he is unlikely to bend at all. If the investor has a brain (few do), he will evaluate the deal.

They try to avoid paying for anything and "extra" liens are in that category.

Permalink Reply by Kevin - Greenville, SC on March 8, 2012 at 8:44pm

I just has HUD pay $12,000 towards Judgment Liens with a PFS.

Permalink Reply by Uilani De Motta on March 8, 2012 at 10:00am

Have your client request a partial release of the property from Title. This will allow the lien to stay present on the person but allows you to have a clean title in order to do the sale. You can ask your title company also to request it they should know what they need.

Permalink Reply by James ferebee jr on March 8, 2012 at 12:28pm

Title should always be run in the beginning so that you don't run into this problem.

When you submit your ppwk to the lender a title should already be on file with the title company.

Thus you can deal with this issue in the beginning and not when you have a buyer because BAC may not wait till this is figured out.