Party A owns a home. Party B has placed a lien on the home via the court system. Party B would like to sell the home for cash. What does Party B have to do to take possession of the home and remove the lien?
Party B must first foreclose on the home. If there are no bidders at the foreclosure auction, then you will get the property, but will be responsible for all senior liens on the property. I suggest, if you have not done so already, is to determine the "lien-to-value" of the property, up to the amount of your liens. By this I mean add up the first mortgage amount (use the face amount recorded on the mortgage which is published with local court or country recorder, depending on your state's filing system), property taxes (delinquent) and any special assessments. Generally you should do a preliminary title search before attempting to foreclose because you might not want to pursue that recourse possibility if there is little or no equity.
If you have a judgment already, have you had a creditor's hearing yet? A creditor's hearing is hearing in front of the judge whereby the judge orders the person you have the judgment against to disclose all of their assets (yes, all you landtrust lover's out there, even the beneficial ownership you have in any landtrust. Failure to fully disclose ALL OF YOUR ASSETS can get you in big trouble with the court ... the judge will not be that happy when he sees you at the second creditor's hearing while you are trying to explain to him why your failure to disclose all your assets was not a fraud upon the court).
Party B must first foreclose on the home. If there are no bidders at the foreclosure auction, then you will get the property, but will be responsible for all senior liens on the property. I suggest, if you have not done so already, is to determine the "lien-to-value" of the property, up to the amount of your liens. By this I mean add up the first mortgage amount (use the face amount recorded on the mortgage which is published with local court or country recorder, depending on your state's filing system), property taxes (delinquent) and any special assessments. Generally you should do a preliminary title search before attempting to foreclose because you might not want to pursue that recourse possibility if there is little or no equity.
If you have a judgment already, have you had a creditor's hearing yet? A creditor's hearing is hearing in front of the judge whereby the judge orders the person you have the judgment against to disclose all of their assets (yes, all you landtrust lover's out there, even the beneficial ownership you have in any landtrust. Failure to fully disclose ALL OF YOUR ASSETS can get you in big trouble with the court ... the judge will not be that happy when he sees you at the second creditor's hearing while you are trying to explain to him why your failure to disclose all your assets was not a fraud upon the court).
Hope that helps,
Taxjunkie