All Forum Posts by: Maria McGary

Thank you for the confirmation. I suspected that was the case. Just wasn't sure. The tax debt is way more than the tiny little house. And the house is a complete re-do, so absolutely not worth hassling with a tax lien. Too bad-it will probably be torn down.

Again, thanks for the info. Much appreciated.

Hi - I am in the process of trying to buy a property from a married woman in a contract for deed arrangement. The deed is in her name only.

In researching the chain of title myself, I found that after she purchased the property with a warranty deed, she quit claimed the deed from herself to her husband and her. I found a Notice of Federal Tax Lien on her husband recorded several years later. And a week after the Notice of Federal Tax Lien was recorded they quit claimed the deed back to her as a sole person on the deed.

Because both husband and wife were on the deed when the Notice of Federal Tax Lien was recorded, I am assuming that means if I buy the property from the wife (the Contract for Deed would just be for a year), the Federal Tax Lien of the husband could attach to the property and I could potentially lose it. Is that correct?

Any help/insight is greatly appreciated.

Thank you, Gerald. Good advice. I am working on some of those items now! Much appreciated.

I am seeking opinions/advice.

The city is selling a vacant property donated to them by a bank. It needs improvement - two big ticket items (roof repair and windows). The property costs less than $5k. I would like to have it and live in it. I can pay for the property, but would have to finance the improvements.

I am working on rehabbing/renovating a commercial property not far from the available vacant property. That building is owner financed with a balloon mortgage. My intention was/is to buy it - fix it - put a business or two in and make it a live-work property.

I also have a mortgage on my home. I intended to sell it in order to pay off the commercial property.

If, however, I can figure out how to finance the improvements required by the city  - I can become mortgage free faster. 

Unfortunately and embarrassingly, I only have average credit. My debt to income is great because I have been working on being debt free (except for properties). But, I lost my job a few years ago and then my husband lost his - so I have a lot of late payments. Everything is good now, but I'm still building my credit score.

I have to provide the city with a proposal and a budget and tell them how I would pay for the necessary improvements (which can be done in phases). I don't think I can get traditional financing. And, I don't know enough about other options. Does anyone have any advice or suggestions? I would think - to satisfy the city - i would need to show capacity of about $50k. Even though, I don't think I will actually use that much because I will pay cash for many things and have lots of materials already due to the renovation I'm doing on the commercial property (it came with lots of materials - lumber, plywood, etc.).

Any advice is greatly appreciated.