Posted by joe----ga on September 04, 2009 at 21:37:17:
alot of times the lein has be satisfied and just not removed from the title by a release of lein
What to do if title can not be transfered - Posted by Levi
Posted by Levi on August 06, 2009 at 08:58:36:
I found a mobile home last week and I negotiated a really good deal with the
owners. I drew up a sales contract that evening and met with owners the very
next day to close the deal. I checked the Title and saw that it was never
transfered to the current owner at the MDV, but it was signed over in the
back. I didn’t think It was a concern because I saw that It was notarized…
Bottom line is that I gave the seller the check of half the amount and I took
the title. I went to the MDV the next day with the seller and as it turns out,
there WAS a Lien on the Vehicle and I couldn’t get possession of the Title. The
company who put the lien on the property doesn’t exist any more and we
can’t get a hold of anyone from that company… To make a long story short
the seller cashed the check and spent some of the money and I need to know
how I can get a hold of the Lien holder to get this title transfered. Please give
some opinions. Should I collect the money and put another lien on the MH
until he pays me back? is there a fast way to get a hold of someone from a
business that doesn’t exist? Need some advise please anything would help.
Re: What to do if title can not be transfered - Posted by Ryan (NC)
Posted by Ryan (NC) on August 06, 2009 at 09:28:28:
In most cases the lien holder has been bought at some point, it takes some leg work to find out who owns the company but it can normally be done fairly quickly via phone. If you have the name of the lien hold call the finance companies in the area and ask the manager if they possibly know who bought soinso out… A lot of times you’ll get redirected but more often than not in my area it turns out to be AIG or Greetree that has bought out the lien holder. If the lien holder is a bank it becomes more of a problem, as the local offices rarely know what is going on outside their area.
Not all is lost even if you can’t find it, normally a park owner has some remedy to claim abandoned mobile homes in a park and if you are on good terms you can sometime get them to help with title issues. I?ll often offer the buyer 2 options, they get full contract price but have to wait until all title issues are fixed or I?ll give them a lower amount (normally 50% or less) and take the risk that I can?t get it fixed and they get their cash today after signing several POA?s allowing me to sign in their stead for the title.
I?m not sure how much I?d recommend the later to anyone without skip tracing experience, and it?s not really the best answer especially for the first couple deals. I?ve been unable to get 2 titles over the years? One lien was from the 70?s and I just couldn?t locate any trace of the bank, the other we have a release letter and got a notarized replacement title form but failed to get a POA? Long story made short the seller is somewhere in CA. We talked to our local tax folks and they basically told me that as long as the property listing was in the correct name they didn?t care about the title, we sold both those homes via a bill of sale making sure to disclose that fact and document it on sale.