Profile picture for user2869387

Leins on a property

Recently I just got a final approval on a house that I am buying through short sale. The previous owners walked away from the house due to the fact that they could not afford it. They got divorced as well. They both filed for bankruptcy too. The ex-husband only filed bankruptcy against the house, which meant that other liens were kept. When my title agency was trying to run the title, two liens came up on the title for a total of $14,700. Obviously I am not going to pay that on top of my closing costs. I have been trying to get ahold of the banks (Citi and HSBC) to see if I can negotiate the liens on the property so I can close. I am getting no where. The last gentleman I talked to sent me to this website lol. Is there anyway to negotiate the liens or no? These two banks also took the previous owner to court in 10/2010 and were pulling wage garnishments all the way up to 2/2012. He then lost his job and wage garnishments were seized. Now correct me if i'm wrong, for that year and a couple months, he was paying off the debts. Now why are these banks filing liens against the property for the same amount the debt was in 10/2010? I am getting no where when trying to contact these banks to negotiate the liens, they just keep transferring me to different departments. PLEASE HELP!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 23 2012 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

You do not say if you are working with a buyer agent.  The listing agent should be the only person who can talk with the lending institution or the other lien holders, if authorized by the sellers,  not you.  It is not easy to deal with more than one lien (the mortgage), you may be in for a long wait and/or may need to walk out since the title can not be transfer to you unless it is clear.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 24 2012
Do you have an agent? What is the agent doing? Both the listing and buyer agent should be solving the issue. This is more in the side of the listing agent.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 24 2012
You need to do a short sale with these liens.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 24 2012
The owner has to negotiate payment of the liens and not you. If you chose to pay the liens, then you would pay the title company and the title company would issue a pay off to the lenders holding the liens.

Frankly this is something that should've been addressed when the property was listed because you can't close with clouds on title as title insurers won't allow it. There should've been dual negotiations between all lien holders to ensure that you could close on time. You are fortunate that your title company found the liens so you wouldn't be liable for them.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 23 2012
I suggest that you contact a local attorney, who handles residential real estate matters, for a consultation regarding your short sale issue and a suggested resolution of this matter.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 23 2012

NOT LEGAL ADVISE, I'm not an attorney.

You don't have the legal authority to speak to the banks regarding leins not in  your name.  I'm suprised the banks didn't just hang up on you.  I guess, they enjoy passing the call onto the next person.

The seller is going to need to deal with the issue, if they won't, well it won't close.  Eventually the bank will foreclose on the property and the issue will resolve itself.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 23 2012
 
Related Questions
Is our agent even trying and what do when we've made a mistake?
Profile picture for Kelly Smith
Latest answer by Kelly Smith
48 minutes ago | 2 answers
Stipulation on foreclosure. Bad buyer agent?
Profile picture for user3194012
Latest answer by user3194012
49 minutes ago | 3 answers
Should I find a new agent?
Profile picture for Lorna Leibowitz
Latest answer by Lorna Leibowitz
2 hours ago | 6 answers
How do you purchase a for sale by owner home without realtors?
Profile picture for aripomerantz
Latest answer by aripomerantz
3 hours ago | 17 answers
How can my husband buy a house if i have horrible credit?
Profile picture for Hamp Yonce
Latest answer by Hamp Yonce
4 hours ago | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

 
 
 
Sign in with Google