Question?
Can someone explain this to me? If I try to do a short sale on a property and the homeowner has 20k in credit cards, do I have to pay off those liens in order to take over the property? How would this work?
Can someone explain this to me? If I try to do a short sale on a property and the homeowner has 20k in credit cards, do I have to pay off those liens in order to take over the property? How would this work?
"Credit cards" does not equal "liens."
Just because a person has credit card debt, doesn't mean there is a lien on his property. It therefore wouldn't have anything to do with a sale of the property.
Unless I'm missing something about what you are trying to do.
Thank you. I was a little confused.
If the credit cards weren't paid, went thru collection, and resulted in a judgment... these might be liens on title and would have to be addressed. Like any other lien, the payoff is negotiable.
When I accept a short sale acquisition consulting assignment from an investor, I
look at the number of mortgages, and the number of liens of record. Each additional judgment creditor means a bit more work.
In NC, judgements that dont ussualy stick to a house can stick after a divorce. Like the ShortSalePro says, credit card debt wont stick, but judgements from credit card collections, or mechanics liens, or small claims can.
Do a title search, and check thouse Judgement books.