All Forum Posts by: Nick M.

Hi guys, @Joel Owens

Appreciate your ongoing input.

I've just learned the judgment creditor has been dissolved so there is nobody to negotiate with. Even if I agreed to pay the judgment amount, there is no entity in existence to provide payoff amount or to execute a warrant of satisfaction.  Do you think a title company would provide clear title in this case?

Thanks!

Hi All,

Fast forward a month and still no resolution.  Latest is seller claims he settled the judgment lien, but can't find proof (he's been working with court archives etc).

Question: To get clean title can the seller be asked so sign an affidavit stating he settled the judgement lien?  This way I don't have to wait a month+ for him to get his alleged proof.

Thanks

Thank you all for your feedback.

Hi All,

I've learned the judgment was actually against the seller; he's admitted to it.  However, the issue was resolved.  Issue is now he can't seem to find supporting documentation given the time that's elapsed.   Seems he's gone to country clerk and the original attorney handling his case, but no luck.   Is there any way I can still receive clear title to the property?

Thanks!

If folks are mailing 5+ times to a single individual, how does each message differ from the prior mailing?

Hi @Amanda Sokol

I appreciate the insight.  Yes, the judgement was made few years ago prior to the purchase of the property.  It's actually the seller's secondary property.  He has another address which is his mailing address and where he lives.  Hmm, that's interesting, I was under the impression that whether the mortgage was taken out before or after the judgement, it would be applicable to the property.  From the sounds of it, I may needlessly be on pins and needles as a cash buyer.

I have the contact information for the seller's attorney.  My attorney sent the paralegal title over a week ago and haven't heard a peep from her since.

Great tip on the prelim title search- I'm just learning about it now.  Do you have any recommendations on title companies that wave their fee if the property doesn't close?

Thanks!
Nabeel

@Rich Baer liens expire after 20 years in NJ.  So for the DMV judgements they expire next year, the corporate lien still has another 7 years to go with it.

@Wayne Brooks  I just re-read the bank's foreclosure notice that came in the title paperwork.  Not only does it address the seller or owner of the property but also lists as a defendant, the corporate entity that has a judgement against the seller.  This notice was issued back in November.  So it seems the bank deems the DMV judgement to belong to another person with a common name but the corporate judgement to be against the seller.  Furthermore, it suggests that they knew of the judgement well in advance.  How does this impact things, if at all?

@Wayne Brooks  That's correct, the property was mortgaged after the judgements.  Assuming the seller is the person in the judgements, do you think the bank will be able to negotiate within the next 3 weeks and to what extent or cadence will I be kept in the loop?  I am  also wondering what role if any, the short sale expiration (9/12) will play into all of this.   Appreciate your insights.

Hi All,

I'm purchasing a New Jersey quad at a short sale cash price of $255K.  The seller owes the bank circa $280K.   We went into contract in March 2016, with an inspection shortly thereafter.  Few weeks ago I learned the short sale was approved- yea!   Well, the excitement has been some what short lived.  Recently after running title I've come to learn of 3 judgement liens: 2 from the DMV from 19 years ago, each for about $800.  No biggie.  The last from 13 years ago is for $25K (abstract also says "plus costs" - not sure what that means).  This judgement comes after losing or perhaps not contesting a lawsuit from a corporate entity.  Note: It is unclear if any of these judgements are truly against the seller because he has somewhat of a common name.  

The results from the title search were sent to the seller's attorney about 8 days ago with a request to sign an affidavit of title, stating the judgements aren't against him (but someone with a similar name).  To date, I haven't heard back from the seller's attorney.  I'm imagining at this point, the seller won't sign the affidavit because in part or in whole, the judgments are truly against him.   Note: Bank's approval of short sale expires September 12th, 2016.

Question:  What can I expect now?  What options do I have?  Will the bank who is the first lien holder negotiate with the owners of these other judgements (junior leans)?  Will they do so by September 12th?  Should my attorney and I reach out to the judgement owners and negotiate directly?  What can I do to secure the property while minimizing my out of pocket expenses for paying off leans.

Thanks so much for your feedback.

Hi All

Hope things are well.

I am interested in purchasing a 5 unit building.  Price circa $260 with 25% down.  It cash flows positively, I have strong credit and have previously managed rentals (single family) and currently own a duplex.

Could you please share what the "closing" costs would be on this property- ball park - how are they calculated on a commercial property?   Ultimately, I'm trying to calculate the total out of pocket costs I can expect to shell out.

Thanks!