Is It Possible To Release A Property Of Large Amount Of Lawsuit Liens?of
Have a "go kart" track w/large amount of injury lawsiuts filed on it. These suits cause the property to far exceed it value. Any possible way to legally clear these from the property? Property in great location, but has liability 3x its value caused by injury judgements. Any Hope? :wow:
Comments(0)
Yes, there's only one way of doing that - foreclosure. Stop paying the mortgage, the lender will start the foreclosure process, it will go to the sheriff's sale, and the lender will end up with the property. Foreclosure then will wipe out all the liens against the property. Short of that and the possible miracle of negotiating all those liens to a reasonable amount, there's no other way.
Compwhiz has is right.. You might be able to have someone talk to the leinholders and see if your negotiator could get the amounts down. If your person mentions the property owner might be going into foreclosure, you should be able to get the amount down significantly. If the property goes into foreclosure then the leinholders get nothing. So they can either take a little ($.08 - $.10 on the dollar) or get nothing if the property gets foreclosed upon.
Ryan J. Schnabel