Help- There Are Leins On The Forclosing House- What To Do?
Okay-
The house I am interested in is going to foreclose on the courthouse steps in 1 week. I spoke to the owner and they said they had tried to sell a month ago and they could not due to the outstanding leins on the home. They have filed BK and these leins should be forgiven? How can someone buy this REO without getting the leins too. I need to talk to someone knowledgable. Could I contact any one by phone?
Thanks for your help!
Just because there is a BK does not mean that the liens on the property will be wiped out.
Can you buy one of the superior liens? Then you are closer to first position and can wipe out the other liens.
If the mortgage is causing the FC and the liens are junior to it they will be wiped out at the auction. Only at the auction will they be wiped out.
When a lien holder recognizes this they will many times deal so that the lien is reduced a great amount. Better then nothing is their view.
John
PS. Send me an email (not a PM) and I can send a phone number.
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