Question regarding negotiating a Lien on a property.
Subject property has a lien of $65K with original mortgage lender (BB&T). Before the property was able to be foreclosed on a Quit Claim Deed was done and the property was moved to another owner (a business). From what I understand it happens all the time.
Owner states at one point the bank was willing to settle the lien for $25K and says they will settle again if we had cash in hand. Do I or the owner need to negotiate that lien and pay it BEFORE closing or can I simply get a settlement letter from the bank and submit it to the closing attorney and pay it on day of closing?
Depending on your state:
. Owner gives your permission in writing to negotiate with lender.
. Once lender REO officer agrees to amoun, Title company will request a payoff on or before settlement day. If everything lines up you are golden
@Brian Van Pelt Thank you. I’m in Georgia. By any chance do you know if that’s the way it works here?
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