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Updated almost 8 years ago,

User Stats

18
Posts
3
Votes
Joshua Olitzky
  • Investor
  • Wakefield, MA
3
Votes |
18
Posts

Help with judgement against seller

Joshua Olitzky
  • Investor
  • Wakefield, MA
Posted

Hello, I was about a week and a half out from closing on a great deal in Salem MA and just found out that the seller has a ~$95k judgement sitting in 2nd position on the deed along with a ~$2k water and sewer lien. It also turns out they haven't paid their mortgage in at least a year which brings the buyout total of that to ~$330k. With the agreed upon sale price they're about $30k short. It's a really good deal and I hate to let it go, here's what we've come up so far. 

they find the money (I'm guessing unlikely),

Get the bank holding the judgment to take less, or get the 1st position bank to remove fees and interest for non payment, 

hold a note to a very qualified co-signer (if I can take first position on their deed)

Anyone else have other clever ways they've dealt with something like this?

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