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Permalink Reply by Short Sale Superstars LLC on March 14, 2013 at 12:45pm

Freddie,

        I like to start off my ordering demand letters from the creditors for the liens. Than I would put a release on the est HUD towards the judgement holders and hope that the lender will cover it or contribute towards them. ( More likely than not if it's a credit card they will not contribute ) . I would go to the creditors and do my little dance about how I'd love to get them paid off in full and at the same time find out what their guidelines for releases are. I'd than let them know i'd see what can be done and give them a call back with a low ball offer. This gives you a feel for the creditor and what you are going to be up against. If they play hardball escalating always helps, as if the property goes to foreclosure they are often set to get nothing, so help them see that it behooves them to take what they can get.

Hope this helps,if you have any questions please feel free to contact me as my door is always open.

310-564-6389

[email protected]

www.ishortsalenow.com

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Permalink Reply by Freddie Castaneda on March 20, 2013 at 4:36pm

Brett,  I will keep your number on speed dial should I need anything...  Thank you!

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Permalink Reply by Smitty on March 15, 2013 at 1:47am

Hi Freddie,

Find out if you can who the investor is on the primary mortgage.  If it's Freddie or Fannie they will pay up to $6000 for second liens and if it's someone else you can likely get more, Ask for the maximum amount paid to the second lien holders from the first.  For example:

credit card lien #1 $4200

credit card lien #2 $5300

 

Now, when you set your HUD up if you find out its Freddie Fannie owned ask for $6000 total to second lien holders.

I might give $2500 to #1 and $3500 to #2

 

Then go to the credit card companies and start at 5-10% of the loan balance and offer to settle - I don't fax them a HUD or anything unless they ask for it.  I send them just a one page cover letter indicating if we can't come to an agreement the house will likely end up in FC and ask them what we can do to settle and release the lien.  If the house is in FC I send the FC notice or order notice if it's on file at the registry.  That shows them that they'll get wiped right out if they don't offer some solution.

If the first lien holder approves and I get issues from either of the secondary credit card lien holders wanting more $$$, I have a LOT of wiggle room.

 

Good luck.

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Permalink Reply by Freddie Castaneda on March 20, 2013 at 4:37pm

Smitty,

Definitely something to go into when talking to these blood sucking creatures....

Thanks

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Permalink Reply by Nancy Fung Martin on March 15, 2013 at 7:30pm

Freddie,

I completed 2 short sales with credit card liens. In Arizona I was able to do a Homestead affidavit. These homes were primary residences.

Below information from the law office of D. L. Drain P.A. of Phoenix:

A homestead is a "dwelling house and the adjoining land where the head of the family dwells. Technically, and under the modern homesteads laws, an artificial estate in land, devised to protect the possession and enjoyment of the owner against the claims of his creditors, by withdrawing the property from execution and forced sale, so long as the land is occupied as a home." Black's Law Dictionary

The law of Arizona allows the householder to designate a house and land as the homestead, an exempting the same from execution for their general debts. Arizona law does not require that a form declaration be recorded. But the author suggests that such a Homestead Declaration should be used when the property owner holds title to more than one residential property. Record the Homestead declaration in the County Recorder's Office, where the real property is located.

There is a $150,000 statutory limit for a homestead on Arizona residential property. The homestead does not protect the homeowner from legal action brought by an creditors that have secured liens or security interests in the real property

 

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Permalink Reply by Freddie Castaneda on March 20, 2013 at 4:35pm

Hi Nancy,

I will have to look into this...

Thanks

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Permalink Reply by A.W. on March 17, 2013 at 9:12am

I believe that the only people that can put liens on your home are the "IRS" & COUNTY OFFICES for unpaid fed/state/property tax's and any contractor who actually did work on your property lets say like putting in an inground pool that had not been paid in full which would be known a "mechanics lien". I'm not a lawyer but unless there is a new government bill that just passed, I do not think credit card companies can do this?  They have no ties to your property and only give credit based on your income and credit history. I would try to contact the credit report agencies by certified mail asking them to change status from "lien" to a standard "credit card" debt. If the credit agencies don't respond or help you in anyway, then I would persue legal advice. As for the bankruptcy, I think this remains on a credit history for a while. Though, they should get from their attorney a copy of the discharge letter if they don't already have one and send a copy to the credit agencies again certified mail to change the status to "clearance discharged bankruptcy" on the report.

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Permalink Reply by Freddie Castaneda on March 20, 2013 at 4:34pm

Thanks everyone...  This is some great feedback and will definitely help me in the fight against the credit card companies.  

I was bitten by the flu bug and was out just when this post went up, but thank you for all the pertinent information....

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