Re: Bank won’t go in second position!! - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 26, 2003 at 11:23:36:
Is JohnBoy correct in his supposition that your parents never owned the property? I’ll bet that the story is that your parents owned the property at the time that the lien was filed against them. If that is so, the lien is a legal lien against the house. Or at least it was at the time that it was put on.
Then, when your parents or your mother deeded the property to you and your brother the lien was not paid off because you guys did not go through an escrow. So, the lien may well have been legal at that time also.
However, there is some good news. Liens have statutes of limitations. They expire or evaporate off of property after a certain number of years, typically 5 years or 10 years. Unless they are renewed by the lienholder–or the attorney for the lienholder. Here in CA, the renewal must occur before the lien statute of limitations cause it to expire.
Find out what that statute of limitations is in CT. See when the lien was first recorded in the county or township land office. See if it was renewed.
DO NOT CONTACT THAT ATTORNEY UNTIL YOU DO THE ABOVE! You might just wake up a sleeping dog and get a bite on your ankle. Suppose, for instance that the lien is going to expire in October of this year. You alert the attorney to that old lien and the attorney, being a good attorney realizes that the lien is nearing expiration and thus renews it for another 10 years. In such a circumstance you keep your mouth closed and your fingers off the keyboard. If the lien is not renewed, then you go for the refinance in November.
Good InvestingRon Starr*******