I am listing a home and the 2nd lien was incuded in Chapter 13 but lender won't release the lien.....any suggestions?
The Seller has taken out Chapter 13 and included the 2nd lien but they won't release their lien for the short sale. Has anyone else ran into this situation, The BK attorney is telling us the 1st will have to pay them something to release the lien. ??
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Comment by Wendy Rulnick on September 5, 2010 at 3:41am
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Shirley - Do you mean the junior won't remove itself from the bankruptcy, so that you can proceed with the short sale?
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Comment by Victoria Frieberg on September 5, 2010 at 1:04am
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Chase, yes. They required 1st to contribute, and the sellers agent, and the buyer to get to their magic figure. Legal? who knows. I refused as buyers agent, and they backed off. Somewhere else on these forums ( i think in Chase) you will find mention of a form that can be filed at the county to remove the lien. I do not know if it works in all states, the sellers attorny was supposed to review for Mn., but sale closed before we heard back. Good luck!
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