Posted by Sailor on December 01, 2005 at 17:59:28:
Sure. If it was me, I’d meet for coffee & try to work things out face-to-face. If that was unsuccessful I offer to go to arbitration to settle. Do understand that not only are you both probably pig-headed, you are both probably right AND wrong. If this goes too far you w/both lose. Are you both willing to lose to keep the other guy from winning? Suggestion: next time add a mandatory binding arbitration clause to the contract.
Subject to forclosure - Posted by John Smith
Posted by John Smith on November 30, 2005 at 20:19:19:
If I took over a property subject to an existing mortgage. The title is in my name. I have made 12 months of payment but I am in dispute with the seller and he has put a lis pendence on the property. If this dispute is not worked out, I plan to stop making payments. If the property is foreclosed, who gets the remaining proceed out of the foreclosure sale? The new owner (title holder) or the old owner (note holder)?
Are there any other simpler alternatives to removing lis pendence?
Thanks
John
Re: Subject to forclosure - Posted by Tom-FL
Posted by Tom-FL on December 03, 2005 at 22:14:19:
Lis Pendens means “Litigation Pending”. What is he suing you for? If he filed a Lis Pendens and is not actually suing you, that would seem like slander of title to me. Not a lawyer, it’s worth what you paid for it.
Re: Subject to forclosure - Posted by jmd_forest
Posted by jmd_forest on December 01, 2005 at 19:36:54:
Your name is on the title. You own the property “subject to” the first mortgage. The previous owner no longer owns the property. If he has no grounds for attaching the Lis Pendens (and only you know that) sue for a judgement to remove the Lis Pendens, assuming there is enough equity to cover legal costs. If he has some standing, or there is not enough equity, much better to work it out between the two of you.