Hospital Lien
I have a hospital lien for a disputed bill in TX. Does anyone know how to invest in TX without that lien being attached at sale? Would buying in another county help? I wIll get a mortgage in my name but can I quit claim to an LLC or Trust at purchase closing? I'm a newbie here, thanks for the help!
Two different issues...
1. The lien holder will need to search for you in another county so they will not likely attach the house. Happens a lot but..
2. The bill will be on your credit report and might show as a judgment. If that is picked up by the lender then you will have a problem getting the loan.
If you want to make money as an investor one idea is to not take title to property. Either wholesale and other things or use a separate vehicle to take title. Assume that when the title is in the name of a LLC or other such thing getting a loan will again be a problem but a different problem.
John
[addsig]
having clean credit is such a help in doing REI. If you can clean-up the lein, that would be great.
thanks! I forgot to mention that the lien does not show up on my credit reports. I found it when I did a county records search because I suspected they would place a lien. Actually have a great credit score but no credit established for an LLC yet.
So what property is the lien registered against now? Is the hospital/their collection agency chasing you hard on this matter?
and "insure over" claims of this type and proceed as if they were not there.
Assuming the lien is registered against your primary residence (which is the address you gave them when you checked into the hospital) I doubt that the collector is regularly running checks of title transfers looking for your name.
How much is in dispute here? It is generally possible to post a bond with a title company (sometimes even just a promise to pay if the end of the dispute process says its your bill-- called a "personal undertaking"
Actually, I found this lien by doing a misc. search of county records online. it is not attached to anything yet because I was renting at the time it was placed. I assume it will be there when it comes time to sell a future property. A title company told me that when i sell a property that they will do a name search and then I will be faced with it at that time, even if the property is in a different county.
Yes, well if you have not otherwise dealt with the issue by the time you want to sell you could simply insure over it. Use the same title company on all your transactions and they are unlikely to require a second bond.