Re-performing Note with a Deficiency Lien Judgment

[Rick Rapant]

The Info:

Seller of a note, I'm considering on purchasing, foreclosed on the borrower back on 12/25/2014 and holds a 100k deficiency lien judgment on them. The borrower, same individual, wants to stay in the home and has steady work with proof of income is the DD. The taxes are current and so are the payments since the new workout for 3 months. The new note is in the form of a Land Contract which I know means that if there is default, I can evict and enforce the judgment. I'm looking to purchase at approx 65% to 70% ITV.

My question:

What happens to the original 100k deficiency lien judgment and how if any does it affect the purchase of this note?

[Wayne Brooks]

@Dion DePaoli

Again, you had to point out the obvious...it's a CFD so "mortgagor/tenant buyer" doesn't have title. I have to be careful crossing the street....didn't see a car, but got run over by the Mack truck! If there is a deficiency judgment laying out there, obviously the buyer won't be able to refi out, if that was an expected exit plan, aside from the obvious credit issues the buyer now has.