Posted by Georgia on June 13, 2001 at 02:10:29:
I have a contract pending on a HUD 4 family property. HUD accepted my offer of $44,500.00. My lender approved
loan for 80% ($35,600.00 + $14,000.00 in escrow for fix-up); as-is appraised value $78,000.00. County assessed
value $107,000.00 (value I would pay taxes on). We were ready to close on this loan and the title company said
there is a $10,000 lien (trash bill) by municipality property is located. Neither HUD nor municipality will budge
on the $10,000.00 lien and their lawyers are involved now. My lender will not close until the issue is resolved and
I?m afraid my lender will walk if it takes too long to resolve the pending lien. I?ve already requested one extension
for fifteen days and paid $230.00. What can/should I do?
I?m interested in another HUD property that?s listed for $15,000.00. HUD reduced this property from $25,000.00
to $15,000. I thought about asking HUD to let me purchase that property for the $10,000.00 lien (that I would pay).
This way they could clear two properties off the books.