How Do Attachments Affect Sale of Property? - Posted by Vlad

import · September 28, 2003, 1:02pm

Posted by Vlad on September 28, 2003 at 18:42:19:

Mr. Merchant,

thank you for your reply. As I understand correctly, an attachment is just another lien against the property…
The last paragraph is indeed something to consider.

Again, thank you,
Vlad.

import · September 28, 2003, 1:02pm

How Do Attachments Affect Sale of Property? - Posted by Vlad

Posted by Vlad on September 28, 2003 at 13:02:18:

I was checking the title of a property that is to be foreclosed and came upon… well, it is so messy that I don’t think I have enough knowledge to pursue it; from IRS lien, to tax liens, to… attachments.

But here’s what I’d like to find out: this property has two attachments against it. One is the result of a judgment against owner’s relatives (they have several collective interests); he is not mentioned in that case. The amount is close to a million and therefore they attached all the properties (they could find, I guess) that belong to this family. However, he is the sole owner of this very property and, again, is not a defendant. Why is this property included?

The second judgment is against the trust (of a different property), where he’s a trustee, and therefore judgment is attached to all the properties he may own, including this one.

My questions are:

How can this property be sold? (He’s attempting to sell it.) How these attachments encumber it? Can it be sold at a foreclosure sale? Can a lender repossess it freely?
How is that different if the property were the only interest attached or in a group of many?

I understand that each case may be different, but I rather look for a general answer, if one can be given.

Thank you in advance,
Vlad.

import · September 28, 2003, 2:52pm

Re: How Do Attachments Affect Sale of Property? - Posted by John Merchant

Posted by John Merchant on September 28, 2003 at 14:52:39:

Probably the simplest and cheapest way for you to gain some insight would be to have a visit with an experienced title officer in your area, and kind of lay out the scene. He/she can educate you in a few minutes as to the lien priority, and what stays or goes away at foreclosure time.

Sometimes these heavily liened properties are real opportunities because they scare the uninitiated. They see all the overlay of liens and figure there’s no equity…but of course, all the inferior and subordinate liens will be wiped out by the foreclosure, which would probably be in your favor to continue.

You could legally make a deal with the foreclosing beneficiary, that if they do come back into title at foreclosure time, you’d buy from them for “x” amount, but your deal would not show on public records. By doing this, you wouldn’t be interrupting the foreclosure process, and might be eliminating all or most of the other liens by and through the foreclosure.