Posted by Natalie-VA on May 26, 2006 at 10:20:54:
LIT,
I’m no lawyer, but I would be more concerned with the fact that the husband is still on title and can’t be located. I don’t see how she could sell the property without him.
–Natalie
judgements and clear title - Posted by LIT
Posted by LIT on May 25, 2006 at 11:39:47:
I am in little rock trying to purchase a home going to auction 06/13. The couple are divorced, both on title, and husband’s whereabouts are unknown. Property previously fell out of escrow with another buyer because the title company discovered 3 judgements against the husband totalling $30k all filed within the last 6 mos. The judgements combined with the 1st mortgage exceed the value of the house. I would like to short the first mortgage, but need ideas about clearing the judgements.
If I am able to buy the judgements at a deep discount from the creditors, how do I then remove them from the property? Will forgiving the debt and sending the IRS a 1099 clear the judgement. Or, can the creditors simply remove the judgements from the property, knowing it is about to go to auction? I’ve posed these questions to my attorney and am waiting a response. In the meantime, I thought I would get your opinions.
regards,
LIT
Foreclosure wipes out all liens - Posted by John Merchant
Posted by John Merchant on June 15, 2006 at 09:56:14:
If the bank is foreclosing, the title is wiped clean and though those debts are still owed by H & W, you’d get clean title.
Those J holders could be at the auction and bid, but in my experience, this rarely happens and I’d guess right now that nobody will show at the auction.