Posted by Rocco on June 03, 2007 at 17:43:44:
Yes we did exchange faxes the title company was involved with the lien holder. I deliverd the 5k in artwork and had her third party sign a release that she recieved the artwork.The 5k in cash is still sitting in escrow in Las Vegas Nevada.She is trying to screw me because she new we had to save it from auction.I am worried she will try and forclose on her 20k note.Please help.I had to take title with this pre-existing lien im screwed. Any advice would be helpful.
lien holder backs out day before forclosure - Posted by rocco
Posted by rocco on June 01, 2007 at 20:50:27:
Need help,
Negotiated with lien holder to remove $20k lien for 5k Two days before auction of property lien holder agrees for 5k in cash and artwork valued at 5k. Set up with escrow deposit my 5k and deliver artwork to third party.Third party signs a reciept for artwork. Auction day comes and lien holder is MIA. I payoff arears and save property from forclosure. Escrow had documents prepared and lien holder is not taking phone calls. My 5k is siting in escrow and still have this lien.She agreed to the deal with me and my attorney and had several phone coversations.Does she have the upper had what do I do. We preformed are part she dissapeared. Please advise.
forclosure - Posted by Nike
Posted by Nike on June 03, 2007 at 15:56:46:
What state are you in? Did you exchange faxes/emails regarding terms? Who is the lienholder? Who was the third-party that provided the receipt? Are you sure the third-party was an agent of the lienholder? Did the the third-party know about the deal/terms? What’s your attorney telling you?
If the agent who provided the receipt was acting within the scope of her authority then you could argue you partially perfomed–the lienholder accepted and this may remove the it from the statute of frauds. Discuss this with your attorney and let us know what happens. Good luck.
Counting chickens too early - Posted by John Merchant
Posted by John Merchant on June 02, 2007 at 09:13:04:
I’ve seen or known of hundreds of deals like this and have learned not to count on any deal happening until the money and docs change hands.
Most frustrating but this is reality…people just aren’t reliable.
You say she “agrees for 5k in cash”…did she agree in writing, signed? If so, that might be sufficient for your lawyer to force her to follow-through and “specifically perform” as agreed.
If she didn’t and you just took her word, orally, afraid there’s nothing you can do but start all over.
By the way, this is a game some of the world’s richest people play to their profit…promise anything orally but at last second show up with 75% of cash promised, etc…hoping to capitalize on the other guy’s frustration and thinking he’ll say: “Oh, to hell with it…gimme the 75% so we can wind it up!”