Posted: Sat Oct 04, 2008 10:43 am Post subject: Trying to get mortgage with a judgement lien against other p
Trying to get mortgage with a judgement lien against other property I would still own...5 years ago my family started to sell off a piece of property that my name was on the deed for therefore I was part of the agreement on the sale of the property. The purchaser put a down payment down of 30,000. The sale has yet to be completed. I am trying to buy my first home, have decent to above average credit, but recently found out that the purchaser of the property placed a judgement lien against the all four of us who are listed on the deed even though the property is technically not mine but rather my parents. Is there anyway, to either get myself off the lien thus leaving and still protecting the purchaser by still having the lien on my mom & dad, or what are the chances that a mortgage lender would be willing to overlook the lien inorder to aprove me for a home loan, since I am not affecting the disputed property in anyway by trying to buy a home. Again my credit is just wonderful, but I have this lien listed in public records against something that technically isn't mine...?
They had to get a judgement against you so in that case, there is nothing you can do about the lien. _________________ Lisa Scherzer
Allpointe Mortgage
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so if there is nothing I can do about the lien... And I can't get a home loan to be able to use the equity to pay off the lien... and I certainly don't have 30,000 laying around to pay it off... how then do I get out from under it? I have no way to eventually get out or pay it off so I there fore am stuck without any options at all? What is a person supposed to do? Is it normally POSSIBLE to obtain a home loan if there is a lien against me since I have otherwise great credit and have a very solid income?
You should note that lien can't be placed against you. It is always placed against a property. If you want to take a home loan against any other property you can surely take but you can't take a loan on the property which has lien.
the judgment lien you have mentioned is, as stated, on the property that you own. as such, it is your liability just as it is for your parents. you may find a lender who would allow you to get through without payment of that lien, but in these times, it is becoming increasingly hard to barter with lenders on situations such as you mention.
what is unusual is that someone tendered $30K five years ago to purchase the property from your family, yet the transaction has never been consummated. how does that happen? is it the $30K that is being held hostage and therefore the impetus behind the lien being placed?
you appear to be between a rock and a hard place - the only way to release a lien is to have a lienor grant it. essentially, that means paying it in full...or, simply, sell the property for crying out loud to the poor sap who is out $30K. _________________ George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444
shamrockgrfx
