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Updated over 4 years ago on . Most recent reply

User Stats

21
Posts
13
Votes
Andrew DeLorenzo
  • Investor
  • Denver Metro
13
Votes |
21
Posts

Have you ever paid off a homeowners lien?

Andrew DeLorenzo
  • Investor
  • Denver Metro
Posted

So I stumbled across something last week, it didn't pan out but I'm curious what everyone thinks about it.

Mr. Smith did pretty well for himself and was able to purchase a nice home in an affluent neighborhood in Denver, unfortunately his health declined as he aged and the beautiful home was left solely to his 20 something daughter. Without the knowledge, credit, and income required to afford the cost of owning such a home, it became visibly distressed. Eventually she was forced to turn to a hard money lender and once she was unable to pay the loan back he was able force her into foreclosure over a mere $30k on a $1.5m home. I search by zip codes for foreclosures and this number caught my eye. Being that you ARE a millionaire if you live in this neighborhood I thought it was odd but possibly an opportunity so I figured I would reach out. I figured I could secure her right to cure after, pay-off the lien, file a lien of my own, go into escrow to wholesale the property, and obviously have her repay the lien upon closing. Turns out she was able to file for cure once she listed her home with a realtor, so game over for me but I'm curious if this seems plausible as a new criteria for lead gen. 

Thanks!

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