Releasing Another Buyer's Memorandum of Contract

[Andres Diego]

How would you go about releasing an existing memorandum from a Buyer that never performed? Sometimes I come across 2 year-old memorandums from people that never intend to close. Coincidentally, they often file after the failed closing date to cloud title, which is frustrating. Are they even enforceable after closing? Can you coerce the holder to release without having to pay them extortionate sums?

Caution: 

There's a predatory side to memorandums: don't be that person! Don't hold on to them way after your closing date unless you're actively working with the seller with the roadblock: title issues, finding additional heirs, etc. Don't hold simply bc of price & coercing them to go lower. No doubt this is something that investors eventually stumble on, so I'd appreciate any knowledge! Thanks BP Fam ~