name issues with title… - Posted by lukeNC
Posted by lukeNC on May 21, 2006 at 15:21:04:
I’ve got a deal where a guy owns a house with alot of equity, he wants money out real bad, but has terrible credit. He wants to sell. He had a business that went bad and was sued left and right…but here’s the issue.
Just for an example, I’ll say his name is John Paul Smith, Jr.
He did business in the name of Paul Smith, Jr. He has tons of judgments against him in the name Paul Smith, Jr.
Now, the reason why I think these creditors havent done anything is that his personal home is in the name of John Paul Smith, Jr. The deed states this as well as the one mortgage on the house.
Apparently, the creditors have not figured out that John Paul Smith, jr. and Paul Smith, jr. are one in the same. If they only did a little digging, these creditors would figure this out. All the judgments are about 3 years old now. I figure they’ve given up on it.
Adding in the amount of these judgments takes out almost all of the equity in the house.
Should I take the chance and pay him a little money and take over the house, hoping the creditors dont figure anything out? Judgments are good for 10 years in NC.
The creditors are big corps, I tried to buy them out, but cant get in touch with anyone who can make that decision.
Could they come back later and get the house even with the name discrepancy?
I used to do title searches, and I know that when doing a search these judgments wouldnt come up because of the name issue.