Replies to This Discussion

Permalink Reply by Pattilynn Guilford on January 17, 2013 at 6:15am

provide more details ... usually if its a recorded lien, it won't be paid. Who at B of A said that? Customer Service? Processor? Negotiator? and is it in writing?

Permalink Reply by ed on January 17, 2013 at 6:25am

i have short sale approval rite now, initially when i started the process there was no lien on it... now the buyers agent informed me that on title a franchise tax lien was just recorded, bofa said that they would pay most of it 2 days later the negotiator relied on equator saying sorry hafa wont allow it to be paid not even on the hud.

Permalink Reply by Pattilynn Guilford on January 17, 2013 at 6:27am

That's true. How much is it? Try negotiating a settlement with the lien holder first.

Permalink Reply by ed on January 17, 2013 at 6:35am

15k

Permalink Reply by Pattilynn Guilford on January 17, 2013 at 6:39am

that can be negotiated way down

Permalink Reply by Pattilynn Guilford on January 17, 2013 at 12:20pm

sometimes the liens are there but not certified by the court therefore there would be no cloud on title. When  a lien is certified - of course it clouds the title so its always imperative that a seller be upfront and honest about their debts.

Permalink Reply by Michael Hayley on January 17, 2013 at 7:03am

Ed: I've never heard of a franchise lien, so I googled it. I see it is a Calif. Sales tax lien. I see this web from the State that seems to directly address this problem: https://www.ftb.ca.gov/professionals/taxnews/2011/July/Article_1.shtml. They offer a partial release of lien, that is release the lien on the property but leave it on the individual. 

Permalink Reply by ElizabethWeintraub00697006LyonRE on January 17, 2013 at 8:43am

A Franchise Tax Board lien can be released because there is no equity. Request it from the state. But it will add another 30 days or so to your short sale.

Permalink Reply by Ann Howard on January 17, 2013 at 11:40am

They won't pay the lien because it is a personal lien. We have on going on now that a lien showed up because the Sellers did not pay taxes on a boat they own, they don't have the money to pay it and unless it is paid it remains on the property. In our case the Buyer is paying for it through escrow. 

Permalink Reply by ed on January 17, 2013 at 12:38pm

awesome guys thanks for your advice!!

Permalink Reply by TOP END Properties on January 18, 2013 at 3:07pm

Elizabeth is right .. I believe a tax lien with no equity will be release from the property without hassle.