HUD Lien?
I recently purchased a property sub-to the existing financing. I also knowingly bought a $4800.00 HUD lien which is attached to the title. The former owner Informed me that it was from a former forbearance agreement with the mortgage co. And was paid off. He was FHA financed which I assume is why the lien is from HUD. The lien is not on his credit report. Should I be Weary of contacting HUD about removing the lien because I bought the property sub-to and it is FHA? I have power of attorney over the former owner which would give me the availability to this information. I have a cash buyer lined up and want to get to the bottom of this and hopefully have someone go to the courthouse and dismiss the lien from the title.
Lee GA
Typical answers from most Agents. Find an Agent familiar with REI. Look for referrals from local REIA-type groups.
You may want to check these carriers to see if they offer the type of coverage you need (in your area):
American Modern (AMIG), DIamond States, Foremost.
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We used a couple different carriers until we came across Foremost. They have very reasonable rates for vacant house insurance. For a 100K house, its about $100 per month. Be sure to include liability and vandalism..
Banks/lenders generally do not allow an assigment of contract on a short sale. They contracted with you they do not want the deal to fall through and delay the sale of the house. Double closing is the answer to this. Close in escrow if you can.
open up a equity line on your home, so you can tie up what you want then finance it as Non owner occupied. good luck