Posted by JHyre in Ohio on December 20, 2002 at 07:38:05:
The title company won’t insure against the inferior liens…the liklihood of their having to pay on them is too high. Your best bet is probably to see if you can buy them at a large discount…tell the lienholders pennies on the dollar beats nothing, which is what most lienholders get when foreclosure occurs. Some investors buy subject to liens hoping that they’ll expire…I don’t personally care for that approach.
John Hyre
HELP! Need help with release of lien on title! - Posted by sean p.
Posted by sean p. on December 19, 2002 at 18:00:28:
I am currently trying to purchase a house with two types of liens on it via a short sale. The first is a personal tax lien of $17,000 and the other is second mortgage of $7,000(which is actually a private second mortagage which is held by the previous sellers of the property). The bank has agreed to sale the property to me if they can net $22,000, and I do not want to pay anymore for this house beyond that. I am trying to discover a way to have the leins released so that the title company will insure the property. For example maybe the title company can take a bond to insure the title in this particular situation???I am not sure. If anyone his any experience or ideas on how this can be accomplished please contact me ASAP.
Thanks