what happens if you buy a house that has a lien on it?
953953
It depends on how you purchased the property.  If you purchased it directly from the Seller, and did not have a title search done or receive a title policy at closing, you may be out of luck.\n\nIf  you purchased through a realtor, and / or did have a title policy issued at closing, the the title insurer is responsible for resolving the lien issue (that includes getting a release or paying it off).  I managed an escrow company in California, and I always had the Buyer read an approve the title report, even if the sales contract didn't call for it.  It was our office policy that we would not handle a transaction if the parties did not want to get title insurance.  And, even if for some reason a Buyer wanted to purchase the property with the lien still on the property, we had them sign release instructions relieving us of all responsibility and liability.\n\nPeople are very quick to save money wherever they can; when dealing in real estate, paying a couple of hundred bucks to protect yourself is well worth the expense.
989723
Questions to resolve...\n\nHow much is the house worth? - Get an appraisal\n\nIs the 1000/mo applied to interest only?  Does it cover the entire amount of interest?  Will the balance at the end of a year be lower, higher, or the same?\n\nIs there a clause that will allow you to get out of the whole deal completely if you change your mind, or find out that the property is bug infested, or has mold damage, or is falling down, etc.?\n\nAsk the seller for a current title search evidencing the property is free and clear of all liens etc, except for the seller's current mortgage.\n\nThis could be very complex depending on the terms of the land contract (lease purchase).  I would contact a real estate attorney to make certain you understand and agree with all conditions.
498758
If you have paid off the lien, you need to go to your county court house and file the correct papers.
727195
These are called tax lien properties. When a person defaults on their property taxes the municipality still needs the money. The county will put a tax len against the property. These liens are available for sale  at county auctions. In NY they are interest bearing and are sold to the bidder who took the lowest interest rate. The best thing about tax liens is that they have the highest priority over any other lien. However, most people will not  loose their house for not paying property taxes. If the owner remains deliquent for 2-5 years you will be able to receive a tax deed and take possession of the property. It is very unlikely though. Also, alot of banks will be at these auctions and purchase these tax liens on properties that they hold a mortgage note on. You should contact your county clerk office for the dates of the auctions and for a list (they may charge a fee or place ads in the papers). In NY they hold auctions once a year in January or February. Before you decide to go to one of these auctions you should consult a knowledgeable attorney who is competent in tax liens.  Good Luck and I hope this helped you.
944453
You should contact the mortgage company financing your loan and let them know what happened.  As the lien holder on the property, they need to know the house is damaged and might be able to offer some suggestions.  Perhaps they will allow you to sell it for less than the balance on the loan, which is called a short sale.  List the home with a Realtor and sell it as-is.  If the mortgage company approves the short sale, they will pay the commission on your behalf.  As far as the insurance company, continue fighting.  It's ridiculous how they don't mind taking our money, but when it comes to giving some of it back, forget about it.\n\nGood luck to you!
192346
Contact your state Attorney General's office. In most states, they can only collect via one avenue or the other. It would take a court order to place a lien on your home as well as garnishment.\nIn most states creditors of unsecured debt cannot place a lien on real property.
20271
Well, if the house still has a mortgage, you will only own the part that is already paid.  Say, the house is worth 300k, but there is only 200k left on the mortgage.  You will only own the 100k that was already paid for.  However, before you jump on it, you will still be liable for everything that comes with the house.  All, the liens, pending cases, all taxes, all settlements that are currently being paid, all workers that have worked on the house but have not been paid yet, etc etc.  So, after you do the paperworks and assume the position of the new owner, everything related to the house is yours.  I dont see a problem, but do consult a lawyer to have him dig up everything on the house.  I mean, if its left to you, you will not  be liable for anything against the house unless your name is on the deed.  Because someone leaves something to you and now you owe because someone is suing the owner of the house for 2 million.  How is that fair?  But, check up on it, and after everything is fine, you can take possession.
196082
The local Treasures office for the county your interested in looking for property.  A word of caution. There is an 8 year tax redemption of the property meaning that if the prior owners to the property want to redeem it they have a right to.  Also If you purchase the property at a tax sale it does not get rid of the existing liens on the property.  Lastly Property usually doesn't go to tax sale until about the 5th year of non-payment.  But it can happen sooner.
707004
Well It would help if I knew what state you were in; however, I may be able to help anyway because I took Real Estate Law a couple of semesters ago.  \n\nFirst of all I think title exams go back further than 50 or 60 years.  I think they go back as far as the title has been recorded. Regarless, if the title was obtained fraudulently at anytime that causes an issue.   Legally if the deed was ever obtained fraudulently or if there is some other flaw in the deed then some unknown person may have a legal claim to the property if they ever find out they have a claim and may be intitled to quite title lawsuit.  The other problem that could occur is if the real estate is ever sold and title insurance is purchased and the fraud is discovered then the current owner may loose his claim to the property or the flaw in the title will have to be resolved before it can be sold.\n\nAccording to my real estate law book a quitclaim deed purports to convey only the grantor's present interest in the real estate, if the grantor has any interest, rather than the real estate itself.  Since such a deed purports to convey only whatever interest the grantor has at the time, its use does not mean or imply the grantor has a good title, or any title at all.  This form of deed does not impose any future obligations on the grantor.  If the grantor has an interest, it is conveyed by the quit claim deed.  If the grantor has no interest none will be conveyed.  If the grantor aquires an interest after executing the deed, the interest will be retained as the grantor's property.  \n\nQuitclaim deeds are used when the grantor knows that the title held has a flaw, such as where another may have an interest in the real estate, or where the interest of the grantor is doubtful, but a deed is need to clear that interest.  They are commonly used when parties have aquired title through foreclosure or some other involuntary means.\n\nThe point of the quitclaim deed is to release the grantor from the covenants and warranties included in other types of deeds becuase he knows there is a flaw in the title.  This knowledge alone would make me wonder why he is choosing this method of transfer if he allegedly know nothing of the flaw.\n\nI don't know if this helps or not but I hope it does! :)
996974
Try your county Auditor and Recorder.\n\nThe auditor normally has info regarding how much a property has been purchased and what features a property contains, i.e. beds, bths, etc..\nThe recorder will give you auctual documentation of what liens are on a home. Mortgages, 2nds, etc..\n\nIt takes some research, but this public information  is powerful
1032606
if you can find a lender\nthe problem is you already have a lien on your property from first mortgage \nand in case of foreclosure the first mortgage holder  could sell for what is owing and the other company would get nothing as they are the second lien holder
1093780
If you still have a loan on the house then they are the first lienholder and they can.  If it is paid for and the home is you primary residence and it is classified as your homestead, then they may not be able to do that.  The laws on homesteads vary from state to state.  If it is rental property, which is considered commercial property, then they can.
1005923
You will still be responsible for the debt on this home.  They can freeze assets, an can keep you from ever getting another mortgage.  They will either send it to a collection agency or go ahead and pursue further action like litigation.  Then it just becomes more costly b/c of court cost, attorney fees, and the remainder of the balance on the home.  The bank doesn't care that it went up in an auction.  They didn't say that you didn't have to pay b/c you no longer have the house.  Doesn;t work that way.   \n And anyone that tells you not to pay, are ignorant morons.  Its people like that, that make it harder for the ones with good credit and standings with creditors to get credit.  And even makes it harder for you.  Makes you look really bad.  Pay your bill.  Be the better person, not a dead beat debtor.
481242
Yes, usually you have to wait until all the paperwork is done on it. My husband and I invest into homes that sell cheat and do our work ourselves and make the profit. These homes that they are forclosing on sometimes are a bit higher than others because they want to recoup some of the loss on it...N
1069652
First of all you are purchasing the property in a as-is condition and the bene does not plan to do anything about that situation.\n\nThe Bene will have someone there to ensure that they make the minimum bid of whatever the loan is. So if the loan on the property is 150K to include all foreclosure fees, attorney fees, recording fees and any other cost to complete the foreclosure, the lender will have someone there to bid 150K. After he bids that he probably will not bid again.\n\nKeep in mind if the property is being sold at the foreclosure auction the person performing the auction will want to see your cash or cashiers check before he will allow you to bid on the property. So make sure you have enough cash on hand. You will not be able to bid unless the cash or cashier check is there,  you can not win the bid and say you have to go get the money.\n\nThe lender will in most instances get rid of the person residing in the property now, that need not be a concern of yours.\n\nAt this point it is useless to approach the owners. You must contact them at the beginning of the foreclosure procedures but long before the lender has set a sale date or trustee sale. That is the best time to purchase a foreclosure is by contacting the owner before the property goes to sale by the lender.\n\nThe only liens you have to worry about is the one you are bidding on. The other thing you might have to bring current is the taxes, but most of the time that is included in the fees the lender had to pay out.\n\nTo check for liens on the property you can get a title company to either give you a title report or a property profile. By this lender foreclosing on the property any junior liens are wiped out unless the junior lien take over the foreclosure from the senior lien holder\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
152441
NO......I WOULD STRONGLY SUGGEST THAT YOU SELL THE HOUSE..\nBECAUSE THEN YOU ARE GOING TO BE STUCK WITH 2 PAYMENTS... THE ONE FROM WHERE YOU BOUGHT THE HOUSE...AND THE 2ND LOAN YOU TAKE OUT...\n\nWHATS GOING TO HAPPENED WHEN YOUR MONEY RUNS OUT...FOR PAYING THE HOME YOU PURCHASED....??\n\nYOU WILL BE STUCK WITH 2 PAYMENTS.
592142
This is very illegal.  You need to find out why it failed, and why it wasn't presented to you at colsing.  Most mortgage companies won't lend money for a home that failed inspection.  After you obtain the papers, go to the mortgage company show them the copy of the paper, and then go to an attorney.  You could possibly sue for many different things, including another home.  This depends onyour state's statutes, but an atorney will advise you  on that.