Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

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?

Loading replies...