In the last 6 months, 277 properties have been sold in 61614 zip code. The average Days On Market (DOM) was 84 days. Keep in mind 84 days is the average, so some properties took longer, while others sold faster. If you would like to discuss a particular property, or would just like some free professional advise, please feel free to call me anytime.
7555 N. Knoxville Ave
Peoria, IL. 61614
Office (309) 689-7324
Cell (309) 453-3211
Joy, it just so happens our attorney with our title company is in the office today, so I asked him your questions. He said the new title company (the one you are refinancing with) issues a Hold Harmless letter which will permit them to go ahead and close on the refinance. It does NOT take the liens away, however what it does do, is makes the original Title Company liable should the person(s) holding the lien(s) decide to file suit. In other words, the original Title company is who would have to pay, if suit is filed.
I also asked our attorney about liens "going away". He said mechanic's liens do expire in 2 years if suit is not filed. If it is a judgement lien, it does not expire for 7 years and is renewable up to 20 years. So I guess, knowing this, it is a judgement call on your part, depending on what type of lien(s) are attached to your property. But in any case, if you get the Hold Harmless letter, you are protected.
I have included a website link to if you want to follow up.