Posted by John on June 22, 2006 at 23:11:36:
A RE deal I’ve been involve with has been held up because the collection co. was in no hurry to give a release to its debtor even a couple of weeks after it was paid as per agreement.
So, yes, I’d say a tough lawyer might be a help in getting a settlement, then holding the coll. co. to the fire until their release is delivered.
Clearing title with judgement liens - Posted by larry
Posted by larry on June 21, 2006 at 15:04:29:
How do you clear title when you have judgement liens against the property?
We will be selling a house with a reverse mortgage with a minimal amount of equity left over from the sale after paying off the reverse mortgage. The judgements equal much more than we will receive from the proceeds of the sale. What happens if there is not enough money to pay off all the judgements? How do we get the title cleared for the new buyer of the house? Do the judgements stay with the debter or the property? Do we call the owners of the judgements and try to settle and how do they release us of the lien so the title is clear.
Thanks
Ask Title Co - Posted by John
Posted by John on June 22, 2006 at 06:18:16:
This is a very usual and common issue dealt with by the TC as they check the title, and I’ve seen a lot of deals delayed from closing until that last one or two J’s are somehow settled.
TC can’t deliver a clear title to Buyer until all such liens are dealt with and released.
Re: Ask Title Co - Posted by larry
Posted by larry on June 22, 2006 at 08:50:21:
Do you recommend a lawyer to help sort all this out - to deal with the creditors - or is this something we can handle on our own? What if we run out of money to deal with all the judgements- how are they settled so we can clear title>
Thanks
Larry