I am a real estate broker and I have a client/friend with a single lien of $93k on top of 2 properties...one valued at $80k +/- and another at about $100k +/-. She is wanting to sell the one valued at $80k, so we are checking with the lienholder (private party) to see if they would consider a partial release so we can sell just the 1 property. The lienholder actually recommended doing a deed in lieu, which I alarmingly told her not to do since she would essentially just be walking away from the properties.
I am considering some possible solutions where I can purchase the $80k property (at the right price of course) and help relieve her trouble without having to list it on the market. Any input on some creative solutions would be great!!??
Also, I am assuming the balance of the lien would just be reassigned to the 2nd property on the lien, correct? - as long as the lien-holder is agreeable. She is trying to avoid the situation of doing something such as a short sale and going down that road.
Your input is much appreciated!!
Maybe they'd do a partial lien release since they have the collateral on the other property. I'd probably try to settle it in full. Is it a mortgage lien?