Saturday, March 26, 2005
Ugh - More Worries
While talking with my wife last night, she said she had forgot to tell me that when the loan officer's office called on Thursday, the lady said something about having to "split the two liens". I said "WHAT?" She said she couldn't remember exactly what the lady said, and that's all she can recall. So, now I'm in panic mode again. This was after the offices had closed, so I won't be able to get this sorted out until Monday. I have no earthly idea what she is talking about. It was my understanding that there was a lien on the house put by the HOA for $623, but that this should have been wiped out by the HUD foreclosure. The other lien is what is scaring me. My research never uncovered any other liens on the house, so I am at a loss. The ONLY other thing I could think of is the gas company still wants their money. Again, though, I am pretty sure HUD would cover this. Now I'll be biting my nails all weekend, wondering first what the two liens are and second why the loan officer's rep would say she would "split the two liens". Dang - I'm out sick for 36 hours, and this is what happens.
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3 comments:
What do you use to put the bandit signs in the ground? Do you use the wired frames? I found them around my area for about $1 a piece but i didn't know if it was worth buying them
Anonymous - To be honest, I have never put up one bandit sign yet. I'm so busy with REO's. HUD's, FNMA's, and VA's, I have very little time for "true" wholesale marketing. I would rather go that route as working with motivated sellers tends to make better deals.
BGinvestor - Thanks. I'm really not as worried as I sound, but there is that little voice in the back of my head that keeps saying "what if it's a $20,000 federal lien?" My in-laws were in the process of buying a house last year, and were about a week away from closing, when they found out the property had a $17k IRS lien. The Realtor got into trouble, because he had known about it all along. They managed to get most of their money back, except for the inspection. I guess that incident has me worried about my situation. I figure, though, that it's nothing more than the HOA lien and probably the gas company - both I thought would be paid by HUD.
Okay, I found out from my loan officer what the story was with the liens. It turns out the actual lady doing the underwriting on my loan forgot that it was a 100% loan. In order for them to do it, they would need to create two loans: one 80% and one 20%. And each of these loans would seperately create a lien on the property once I closed.
Can you spell RELIEF!?!?!?!
;-)
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