@Brent Coombs do you think its possible to negotiate with the lien holder for a reduced settlement on the amount owed?

TRID....new disclosures will replace the Good Faith Estimate and TIL at the beginning of the transaction, and another new disclosure will replace the HUD-1 Settlement Statement.  

That's why newbies need to be represented, they often don't know what the can or can't say and it can cost you.Now, if you know the ins and outs of brokerage representations and elect to go it alone, a few points:remind the agent they have less liability in the deal as they don't represent you.remind the agent their broker isn't splitting with another broker.remind them the deal will or should go much quicker with only them facilitating the deal, they aren't waiting on a buyer's agent to coordinate settlement requirements.and, remind them that you have less recourse toward their activities as they are only responsible for facilitating the requirements, if you didn't see the three foot hole in the kitchen floor as you stepped over it.....tough!

Congrats on the first flip hope everything goes smoothly till settlement!

I had the "opportunity" to enroll in a note mentorship program with a well known Texas company for $15K and instead I went out and bought a NPL for that money, and in 8 months got a settlement from the borrower for $25K.

And most likely it won't be your fault, they are just looking for a settlement.

However, collections are always very difficult  I'd suggest trying to cone up with some type of settlement agreement and have that entered with the court .Depending on the state and the related laws, you could put a lien on any real property that they currently own.I am not sure about New York, but my jurisdiction has a debtor's exam and / or citation discover assets where the debtor has to come in and answer questions under oath regarding their assets and liabilities. most of the time, if you get to this point they likelky have no non-exempt assetsGetting a judgment is always the easiest part, enforcing the judgment is difficult.

You as a residential tenant can not account for repairs or improvement on your taxes until you buy and begin depreciating or accounting for costs after settlement in most cases.

Your sale contract can be subject to the property owner's settlement.

You should ask for an estimated settlement statement before closing and make sure that you understand those items that do not qualify.