Liens! Liens! Liens! HELP!
I own a property outright (no mortgage) and have liens which were judgments filed from unsecured credit cards. The lienholders do not want to budge on a settlement. I have a buyer for the property who wants to pay in cash and do a quit claim. The lienholders are not aware of the sale. Is there any way around this besides paying them in full? Foolishly the property is in my name. Is it too late to do a land trust then LLC?
Buyer is going to pay cash and I told him about the liens up front![ Edited by mochar328 on Date 12/20/2011 ]
AFAIK, he is going to be owing those liens once there is a transfer of title.
Can you really sell this property in good faith knowing this?
This can really come back to bite you big time.
I was just trying to look at my options to verify there was no other way around this. I will give him a clear title of course so I will just bite the darn bullet and pay in full. Ugggghhhhhh!!!!! Thanks!
Quote:
On 2011-12-20 00:37, mochar328 wrote:
I own a property outright (no mortgage) and have liens which were judgments filed from unsecured credit cards.
How old are the judgments? In many states, money judgments expire after ten years. If the judgment holder does not renew the judgment before expiration, the lien on your property also expires.
Thanks commercialking. I paid off 2 of them through negotiations but the last one is taking their time on acceptance/denial.