Hi Everyone I'm new to this site/group and short sales. I have a potential listing this Sunday where Chase holds the mortgage. I had the preliminary title report pulled to the property and discovered there is a second lien holder which is California Franchise Tax Board lien is for approximately $30K. I wanted to know if anyone has had experience with shortsales and the state Franchise Board having a lien on the property. If so how did you handle it and any advice recommendations are appreciated. Thanks in advance.
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Welcome. I've completed short sales with IRS, FTB, and BOE liens. You will need to submit a package to the FTB for their review. Typically you submit for a partial lien release request. If there is no equity they many times will walk away for $0. They likely will not fully review the partial lien release request until you receive all lien holder approval letters. I'd begin prepping the package right away as it will be required to be sent out overnight to them.
Call me or email me and we can speak about it in more detail.
310-564-6389
www.ishortsalenow.com
brett@ishortsalenow.com