All Forum Posts by: Tom Gimer

As I understand it, the lien gets wiped from title but HUD gets paid first due to the mortgage insurance. This is often referred to as a HUD partial claim.

There may be differences here and there with respect to the MI issue but a junior lien is a junior lien and it gets extinguished in a foreclosure regardless of the players involved.

@Chris Seveney I thought the same thing but if you read the fact pattern again, it sounds like they do have a written agreement of some sort. So that option would still need to be addressed even if they were evicted.

Ignoring that title issue would not be smart.

@Anthony Greco What gets executed is a limited POA specifically for dealing with the lender on the underlying loan. Not sure what the agent would be concerned about in the context of breach of fiduciary duty as in dealing with the lender for payments and payoffs the agent is acting in the best interests of the principal borrower.

Can you elaborate on your concern?

A disclaimer of interest would be something an heir / legatee / devisee executes in the context of probate.

Sounds like people are winging this stuff and passing it off as expertise.

@Christine Garnier You should be able to e-record the quitclaim deed copies using SimpliFile. I would find an AL title company / attorney that uses the system and explain the situation. Of course this is assuming the deeds as originally executed are valid… which is a mystery.

The full legal name of the entity (not trade name/dba) is used on title documents.

Rather than forming a new LLC I would consider amending the articles of organization for the existing LLC and renaming it.

OP disappeared but a good place to start would be a BP Pro or Premium membership where you get access to lease agreements and related forms, disclosures tailored to each individual state.

Go here: https://www.biggerpockets.com/perks/pro

I believe BP hired local landlord/tenant attorneys to prepare these packages... and I assume they would be updated periodically to reflect any changes to local law.

@Will Sifert is correct, imo. It's a waste to pay a vendor for these services in bulk when you can do it yourself. You need to learn the law in the local market anyway... knowing the law and also how to pull various relevant public records is how a title examiner determines current lien status.

And unless you are getting a full title commitment with title insurance, any title report you do purchase has almost no value. Read the fine print... most vendors disclaim liability for any errors. Some may cap their liability at the cost paid for the service... that's hardly comforting. 

@Account Closed Let me guess… the strategy was based on basic legal theory taught in law school Contracts 101.

@Sarah Kensinger That's a state line (Virginia).