Removing A Judgment !!
I have a friend I am trying to help. They are successful in the restaurant business. Their house is in both names. The wife has a large judgment in her name due to a disgruntle landlord several years back on a land lease on another restaurant .
How can we remove the Property without paying the Judgment?
Buy the 1st Mortgage in another Corp. and then foreclose ourselves? Hope the Judgment Creditor will not bid and I don't think he will.
Are their there any other options??
Have you thought about approaching the holder of the judgment to buy it at a deep, deep discount--either on your own or as a straw man for the couple?
The foreclosure process is long and costly. It might be faster to pay the judgement.
Foreclosures can cost up to 14k with lawyer fees.
The problem with the foreclosure idea is that the lender has to agree to sell the loan. That's easier said than done. Next, the foreclosure would be for the amount due. You could be out bid. Banks have to stop at the amount due them. I don't think that you would be held to that same requirement. Therefore, you may have suppliment the bid with additional cash. Of course, a foreclosure would not enhance either one of their credit ratings.
The easier route would be a settlement with the judgement holder. A reasonable man would welcome cash at a discount to no cash and no foreseeable relief in sight.
Another idea would be to hire an experienced judgement buyer to see if he could negotiate a deal with the judgement holder for them for a fee.