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Asked by Chaisefund, Chicago, IL Sun Apr 28, 2013

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5
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Sun Apr 28, 2013
BEST ANSWER
Chaise:

Are you the seller or the buyer? If you are the seller, the title company will set aside money from the proceeds of the loan to pay off the liens, so the new buyers have a clear chain of title. If you are the buyer it has nothing to do with the sales profit and the lender will require you to pay either prior to closing or prior to funding.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of more than 10 years.
http://www.everlastingcredit.com
0 votes
David Hanna, Agent, Chicago, IL
Sun Apr 28, 2013
If these have been pursued through a suit and you have been found liable, and were not discharged in any bankruptcy, they can be filed against your personal property (house) and you can have them paid out of proceeds. They will have to be paid for title to transfer.
You should contact each at the point in time you are selling and see if you can negotiate a reduction of the principal due. I would suggest using a credit counseling service to do this.
0 votes
Luke Wojcik, Agent, Chicago, IL
Sun Apr 28, 2013
I presume these creditors attached their debt to your title. A buyer will need a clean title so these will have to be paid a closing. You must have equity in your home for for that to take place in additional to paying of your mortgage and closing costs
0 votes
I own the home, and have for man years. Now needing to sell, though I have limited funds to pay off liens. Great if they can come from sale of home.
Flag Sun Apr 28, 2013
Philip Sencer, Agent, Chicago, IL
Sun Apr 28, 2013
Liens have nothing to do with the selling price, but they do impact your ability to get a loan. You need to speak with a few lenders to see what they can do for you.
0 votes
Santiago Ken…, Agent, Chicago, IL
Sun Apr 28, 2013
I had a similar case in Shortsale ..we close the deal for 15 cents per dollar
0 votes
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