All Forum Posts by: Mike S.

@Account Closed

The info thus far is all from the owner except for the valuation of the property but I am in the process of verifying everything with a title company. Unfortunately it seems like cleaning up this mess and turning a profit may not be worth the time effort and risk.

@Account Closed It is not an IRS lien or in any way related to a government entity, the judgement was obtained by a private party but unfortunately that is the only info that the owner provided me with. I will get more details about the type of judgement the next time I speak with him.

@Account Closed

Clearing title is really the only concern I have in taking a deal like this down, and I will make sure the owner is aware that even if I were to structure a deal where I take control of the property he would not be exonerated from the judgement. The amount is slightly over 200k.

It sounds like the only way to clear title (other than dealing head on with the judgement) would be to buyout the first 2 liens then wait for the owner to default on payments and then initiate the foreclosure process?

@Rick H. even though you don't tell all your secrets, you do share a lot of insights and experiences that are helpful thanks!

@Bill Gulley I've learned that at least in my market the the more complex and messy a deal is the more likely there is to be some opportunity. There is not a lot of low hanging fruit.

@Account Closed The first and second liens are both current but will not be for much longer as the current owner can not continue to make payments.

Hey @Rick H. you are correct there is an attorney in the middle of it. Would you mind briefly elaborating on your statement below?

"Lastly, you might consider buying the 2nd for par (par+) to clear title or have fun at the lid holders expense."

Do you mean buyout only the second lien holder at over full value, thereby diminishing the judgement liens equity stake?

@Bill Gulley by put pressure on them I am referring to tactics/strategies I may be able to employ that might make the 3rd lien holder uncomfortable or uneasy. I don't know if quiet title is relevant or if a quit claim transfer over to another party or entity that was under my control would make the 3rd lien holder more willing to take a significant haircut.

OK here is the situation a CA property has 3 liens the first 2 being private lenders and the third is a judgement lien. The property has very little equity if the the judgement is paid in full (along with the first 2 liens). Other than negotiating directly with the third lien holder to reduce the lien amount are there any other courses of action one can take to clear the judgement or put pressure on the 3rd lien holder to take a much smaller payoff amount.

What if any actions can I take to pressure the 3rd lien to accept a substantially reduced payout or better yet clear the title entirely?

Hopefully some of the Title experts will chime in

@Account Closed

@Account Closed

@Rick H.

@Bill Gulley

Thanks!

@Brian G. different people have different strategies some people let calls go to voicemail and then do the research before calling back, others have an answering service that fills out a lead sheet for them. If you chose to answer calls live you can gather info and call them back.

@John Horner Much like direct mail it is probably very area specific so pay closer attention to the conversion rates of others in your geographic region.