Re: Looking for thoughts, opinions, and feedback on a purchase & lien situation.[ Edited ]
10-10-2012 10:59 AM - edited 10-10-2012 11:00 AM
Thank you for the information!
The whole topic of Quit Claim Deeds came up between my husband and I. We found out that the original owner of the property did the Quit Claim Deed to someone else. The other person thought they had received their inhertiance early! When the new owner went to cash in on the property, he was SHOCKED to learn that besides a very small mortgage on the property (which someone is paying - not sure who) that there was a HUGE lein on the property.
My fake numbers probably did not illustrate the financial picture very well, plus I have new information. The collection lien is actually about 3.5x the value of the property. The new owner is now looking to dump the property any way he can. He has tried to settle the collection lien, but has been unsuccessful in reaching an agreement.
And the new owner wants to walk away with cash. I can feel for him. And I am glad I am not in his shoes.
I decided to wait on the property. I gave the new owner's representative some suggestions on how to "settle" with the collection lien holder. In the end, the lein holder can ask the judge to force the sale. And with the lien on there, being renewed with interest and fees every ten years, there will never be a way to get a loan against the property to improve it.
** edited to correct a grammar error.