I'm working on a short sale. I have the banks approval of the offer and everything was moving along just fine, until the title company found 2 bail bonds that were posted against the home back in 02. I've tried calling the court house to find out how to have the liens released or to settle with them but no one seems to know what to do. Has anyone run into this before? What do you do if the second lien holder won't settle?
Thanks for the help and all the great information on this board.
If the second won't settle YOU are not explaining it correctly.
There interest will be wiped out at foreclosure anyways and the homeowner is being foreclosed on.Ask them to settle if both are 10k then settle for 2k and yes the buyer will have to pay those funds out of pocket usually otuside the short sale agreement per the bank addendums.Usually you have to get letters from the lienholders agreeing to release the liens before the bank will even look at a short sale.
They can still come after the persone for the bail money if they want to.I have seen leins completely settled for 20 cents on the dollar and I have also seen where they will release there interest for say 1k but reserve the right int he letter to pursue the person owing money in the future for the balance.Without a workout from the junior lienholders you have nothing with this short sale.good luck
The main issue I'm having is finding WHO to explain it to. The best answer I have gotten so far is that I need to file a motion for the court to dismiss the judgement. That's out of my range of knowledge.
Unless the judgement has epxired that is up to the plaintif to do.You have to find out who owns the judgement usually on the judgement that is kept a copy of th ecourt records usually online or at the courthouse it will list the name of the company,address,and sometimes the phone number.
It just sounds like you don't have the skills to track down the person.You don't flick your fingers even when I had the address I had to use various methods to find the company phone and then I had to call and talk to a few different people before I found the one who handled that part of the company.
Loc: New York, New York
Get a CERTIFIED copy of the Court Order which releases the Bond, send a copy of it and whatever other documents with a letter to the Bonding Company requesting that they release the lien. The Bonding Company has 30 days after the Bond is released to release the lien on your property. Once the Bonding Company has released the lien, have it recorded with the County Recorder.
Edited by Admin (09/22/1610:17 AM) Edit Reason: Please put your contact information in your profile and not in the post.
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