There are several ways to handle this but here is the simplest, in my opinion. First of all, did you or the seller do a Title search? This will determine what is on the Title for judgments and liens. If not, then do it first. If already done then get a total amount for the liens, determine what price the property could be bought for with a clean Title then subtract the amount of the liens and judgments from that price. Easy enough.
I have found this to be the easiest way around this. There are any number of creative ways to get it taken care of.
I am currently in the process of talking to a home owner facing foreclosure. I want to purchase the property and came across a few hospital liens. Does anyone know how I go about handling this situation? This is totally new to me. Thanx a million
Hospitals take low offers for liens all the time. I have twice paid 10 cents on the dollar. Last time I paid $1000 for a 5 year old $10,000 lien. My partner went right to the hospital and talked with the collections staff and negotiated there. They had us pay their attorney across town and he drafted the payoff letter. The whole thing took a few hours.
Medical liens are notorious for accepting payoffs at substantial discounts, contact the collection agency or lienholder and offer 50 cents on the dollar, if they’re real old 30 cents.