Help with house - Posted by Richard

Posted by Rich-CA on July 14, 2007 at 13:01:01:

What order are the liens recorded in? Are you the second?

Are the taxes property or income taxes? In your area, does a property tax lien have first position or does it get in line.

Here’s the thing, if you foreclose you’re only on the hook for the liens senior to yours. I doubt the business loan is unless you sat on your lien for a while before recording it. In which case, junior liens are wiped out on foreclosure. The reason I ask if its property tax and if in your area is an automatic first position lien is that if it is, you would only be responsible for the tax plus the first. if tax is not in first position, then you would not have to pay it either.

Ask a Title company to help on this and make sure you get Title insurance in case there are any mistakes.

Help with house - Posted by Richard

Posted by Richard on July 13, 2007 at 17:02:50:

Can anyone offer me some advice.

I sold my house and agreed to take back a second. The people I sold the house too used Countrywide as there lender.

They stopped making there payments so I had my attorney file for foreclosure on them because they werenâ??t paying me.

Well today I had an attorney examine the title on the property and he discovered two liens that have been placed on title on debts owed by the people we “sold” to.

One is for taxes owed the city: $23,000.00

And that’s the little one.

The second one is for a business loan: $700,000.00


If I get the deed-in-lieu of foreclosure, the liens stay in place. So, I can’t sell the property, can’t re-fi and neither can my buyer. I would have to do a full court ordered foreclosure, sell the house at Sherrif’s auction and pray to Mary, Jesus and God that it sells for more than I owe on it. If it sells for less, I would be resposible for making up the difference.

And that’s why mortgage companies put you throught the ringer for a loan.

I donâ??t know what to do now. Any advice?

Re: Help with house - Posted by Edwin

Posted by Edwin on July 19, 2007 at 23:07:34:

Stop messing with this couple. They are grade A losers. File for foreclosure tomorrow!!

house - Posted by Nike

Posted by Nike on July 13, 2007 at 17:41:00:

Is the business still operating? What type of business? Do you know whether the owner has other assets of value? Assets in the businessIs the first mortgage current? What’s the home worth? How much is the first? How much is your second? City taxes of 23k?–where’s the property?

Post more information and we can help sort this out.

Re: house - Posted by Richard

Posted by Richard on July 14, 2007 at 08:26:43:

The first is not in arrears. My place in line is firm - the sale was a paper sale - no money exchanged. They assumed a Countrywide Loan.

I’m not certain that the lien by the city is for taxes - it’s not income or property taxes, more likely sales tax that the buyer never paid from his former business.

The first is about $110K. Mine is $60K sales price was $170K. Presently the home is worth about $160K-ish.

Talked to the attorney again yesterday- he’s got some ideas as to how to get them out NOW. Which is what I want. Seller claims liens shouldn’t be there as the debts were included in BK. In Okla, you can go online and lok at court dockets, which I did. Holy jeezum-crow- these people have been sued (and lost) about 12 times. I don’t think they have ever made good on a debt. Hotel business- Foreclosure, Home-Foreclosure, Student loans- Judgements, her salary (she’s an elementary school teacher) are being garnished. It goes on and on. And the two debts which are now liens- neither was noted in the court records as having been included in Bk. Makes sense- I don’t think one can include taxes in a ch7 bk.

My first goal, like I said, is to GET THEM OUT. I called him yesterday to let him know about the liens. Left a voice mail. He doesn’t bother calling back, replies by email. Really flippant - Oh, I emailed my attorney about this. Don’t worry about it. RIGHT! If I were in his shoes, I would have those BK papers out so fast they would catch fire. He knows he’s bs-ing. I sent him copies of his court records (so he would know I saw them) along woth a letter offering him a dee-in-lieu of foreclosure (again). Told him I’m sure he doesn’t want me to do everything I CAN do - judgements, garnishments etc. He’ll get it in the mail today, so we’ll see.