Zombie lien on property

[Dustin M Martin]

Newbie here. One of the homeowners in my list told me there's an "invalidate zombie lien" on the property that expires in 2025. Can anyone explain:
1: What that even means
2: Any advice for wholesaling said property?

[Chris Seveney]

Quote from @Dustin M Martin:

Newbie here. One of the homeowners in my list told me there's an "invalidate zombie lien" on the property that expires in 2025. Can anyone explain:
1: What that even means
2: Any advice for wholesaling said property?

A zombie lien is typically a 2nd mortgage that was written off the bank for accounting purposes so they stopped collection efforts BUT the borrower still owes that money. typically a zombie lien stops accruing interest once it is written off (because they stop sending statements).

If it matures in 2025 it also has statute of limitations, so that money is going to be owed and you will not get clean title unless its paid off. Current owner can typically negotiate that lien and pay anywhere from 10-50 cents on the dollar to get it removed. if the lender knows the property is closing they will then want 100%.