Asked by Bill, Scranton, PA • Thu Oct 16, 2008
One of my wife's friends has purchased a almost complete home in the Poconos, at an upset sale of all places, and then decided to run a title search. I am fully aware of the inherent problems in that type of investing, but they finally got the title search back from the abstract company. It shows that there is one lien that the former builder and owner got from a bank in the area of 200K. I know that any upset sales carry all of the monies owed against a property, but given today's market conditions, I was wondering if anyone knows whether or not it is possible, or probable, to be able to get the lien holder to reduce the amount owed by the new owner of the property. Are any banks open to negotiating the lien down...Or, is there any real ways around being slapped with a 200K lien that the tax-sale buyer did not know about? I thank you for your time any and all advise, as it is appreciated.
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