Liens and Foreclose
Date: Thu, 06/03/2010 - 10:31
I live in Washington State. I have 2 liens on a house I am trying to sell: 65,000 to BECU and 11,000 from Bishop Marshall White. This house is about to be foreclosed on (in 2 months). I now have an offer ($355,000) that will allow me to pay the 1st in full, but not the second. The problem is this $11,000 lien- which they already garnish my wages for.
My realtor heard what BECU usually does, but I'm worried about this $11,000 lien. Can the house still close with an agreement to Bishop Marshall White that negotiated settlement will be paid at closing or must they (first be paid and then) remove the lien before I can complete the close? How should I approach this attorney collection agency? After the primary mortgage company does one lien hold precedent over the other in terms of who will be paid first, since I can't sell my house for what I owe.
Any and all advice will be very appreciated.
My realtor heard what BECU usually does, but I'm worried about this $11,000 lien. Can the house still close with an agreement to Bishop Marshall White that negotiated settlement will be paid at closing or must they (first be paid and then) remove the lien before I can complete the close? How should I approach this attorney collection agency? After the primary mortgage company does one lien hold precedent over the other in terms of who will be paid first, since I can't sell my house for what I owe.
Any and all advice will be very appreciated.
You may wish to consult with real estate attorney. That said, fi
You may wish to consult with real estate attorney. That said, first lien is usually by the bank then their are subsequent lines. You can not sell a house without satisfying both of the liens. If the first one is satisfied then second must as well. How else would you provide your buyer with warranty deed ? (free of title, liens etc ) .
Don't take my word. Consult with an attorney.
Right. If those are the only liens, you have a lot of equity an
Right. If those are the only liens, you have a lot of equity and certainly it is worth your while to have an attorney handle it. There are ways, such as escrow, to get this done.
