Posted on: 20th Aug, 2010 05:03 pm
my ex has decided to sign a quit deed on our house and relinquish any rights to any proceeds if i sell it. i did a title search and found 2 liens placed on the house in her name for credit card debts. she does not want to pay them and has planned to move and ignore it. i do not want to lose the house and can pay the mortgage monthly but want to sell.
the liens are 4 years old. how can i negotiate with the creditors to lower the bill so we can cover them with the house sale proceeds and still have some left. although the county assessment is 185k the house condition will problably only allow for about 80k sale. the liens together amount to 16k not including interest, the mortgage loan debt is about 52k. any suggestions on how to proceed?
the liens are 4 years old. how can i negotiate with the creditors to lower the bill so we can cover them with the house sale proceeds and still have some left. although the county assessment is 185k the house condition will problably only allow for about 80k sale. the liens together amount to 16k not including interest, the mortgage loan debt is about 52k. any suggestions on how to proceed?
Hi Memo,
Firstly welcome on board!!
I just wish to ask some of the questions first! DO you have any other alternative living arrangement once you sell your current home?
If the answer for above question is yes then there is no problem and you can easily plan the distribution of money to liens and current mortgage.
But if you do not have any other living arrangements you need to put aside from the proceedings towards new home purchase/rental.I would prefer to rent a property for some time.
Feel free to ask any further queries.
DIPA
P.S. I wasn't logged in while answering this query.SO sorry........
Firstly welcome on board!!
I just wish to ask some of the questions first! DO you have any other alternative living arrangement once you sell your current home?
If the answer for above question is yes then there is no problem and you can easily plan the distribution of money to liens and current mortgage.
But if you do not have any other living arrangements you need to put aside from the proceedings towards new home purchase/rental.I would prefer to rent a property for some time.
Feel free to ask any further queries.
DIPA
P.S. I wasn't logged in while answering this query.SO sorry........
Thanks for the reply. Yes I have other alternative living arrangement. Currently I live with my new wife who owns a condo. I would like to sell the house and pay off the mortgage so we can purchase another house of our own closer to our work. My ex has promised to sign a quit deed. One of my concerns is that the two liens on the house are 4 years old and not sure how the companies will be willing to negotiate the interest charges. Together the liens amount to about 15K (12,500 and 2,500) but interest rates are 28 and 6% respectively. I understand that although the liens are in my ex name I will be responsible. What is a good strategy to negotiate with the lien holders?
Hi memo!
Welcome to forums!
You will have to contact the lien holders and negotiate with them so that they would reduce the interest rates which will make it affordable for you to pay them off and get a lien release certificate. However, it would be completely the lien holder's discretion whether or not he would reduce the rates.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to contact the lien holders and negotiate with them so that they would reduce the interest rates which will make it affordable for you to pay them off and get a lien release certificate. However, it would be completely the lien holder's discretion whether or not he would reduce the rates.
Feel free to ask if you've further queries.
Sussane