All Forum Posts by: Tyler Sterns

Every state is different so you would have to check your states recording laws. Typically if you want a lien released you would have the lienholders sign and notarize a form stating that they are releasing the lien and you would then record the release at your local county recording office. 

Using settlement proceeds to pay off a lien is a common occurrence. A title company would have no problem doing that. 

Does the tenant have a lease? You can't just kick out a tenant if they are paying and have a lease. If there is no lease then it is month to month, you would have to give the tenant 30 days notice before terminating the month to month tenancy. 

If you decide to create an LLC in order to acquire properties, a lender is going to require the operating agreement of your LLC before you can close on the deal. You will most likely have to sign individually and on behalf of your LLC. If you decide to purchase property individually first and then later transfer to an LLC, one thing to keep in mind is that Maryland does not make it easy to transfer from an individual to an LLC tax free. In Virginia you can transfer from an individual to an LLC tax free, Maryland it is not as easy. Feel free to PM me.

From a title insurance perspective, the larger the loan, the more likely the settlement fees would be negotiable. The title insurance premiums will not be negotiable but you could choose not to purchase owners title insurance. Settlement fee, messenger fee, and attorney doc prep fee may all be negotiable. 

Are you in Maryland? This isn't legal advice and should not be construed as such. Maryland has something called "post sale exceptions" which can be used to overturn a foreclosure sale. Usually to be overturned the court must find that there was fraud in the sale itself. 

Had the lender approved your short sale? The CFPB prohibits what is called "dual tracking", which means that lenders are not supposed simultaneously foreclose while offering loss mitigation options. 

Again this is not legal advice and these options may or may not apply to you. You should consult an attorney if you need actual legal advice. 

You can't file a lis pendens without filing a lawsuit first. Lis Pendens means litigation pending, if there is no actual litigation pending, you will not be able to file a lis pendens. 

It varies state to state but typically it goes:

1. Bank gets up to what they are owed plus costs of the sale, attorneys fees etc. 

2. Junior lien holders.

3. Anything left over from that goes back to the homeowner. 

Wherever you decide to create your LLC you will also need to establish your LLC as a foreign entity in the other district. For example, if you establish your LLC in DC and want to conduct business in the state of Maryland you will need to establish yourself in Maryland as a foreign LLC.

Take your title search to a title company and see if they will insure it. Explain who wants to convey the property to you through a quit claim deed, if they will insure it you should be ok to purchase the property. 

If you later transfer to an LLC you may have to pay recording taxes again depending on your state.