Expert: Jessica Bryan - 9/26/2006

Question

 Hi,

  Thanks for responding so promptly.

  Is there any way that either the bank, our attorney, or the attorney for the foreclosed property can  get the title cleared and judgements satisfied, without my husband and I having to pay off the existing open debt, in order to clear the title?          
What about having the open judgements transferred to the old owners new residence?  

 Sincerely,

 Josie Martinez    
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Followup To

Question -


 Hi,

 My husband and I are in the process of buying our first home which is being sold as a foreclosure.
 We have recently found out that the previous owners have several unpaid judgements that are attached to the title for the property.
 How could this affect closing on the home? Also, if the judgements are not satisfied, who pays them, and do they need to be paid off prior to the home being sold?

  Sincerely,

  Josie Martinez     


Answer -
Dear Josie;
When the property sells you will need to pay off all of the judgement liens before the property will transfer to you. Title cannot be delivered until these are paid off.  In foreclosures the buyers need to understand how much is owing and make sure they know who is paying what before they agree upon a price.

Good luck and best wishes,
Jessica Bryan

Answer
Hi;
Yes, you can request that the bank pays off the existing liens.  It can be part of the offer that the title be delivered free of liens.  Open judgements if they are not attached to the property can certainly be transferred to the old owners, but if the liens are not attached to the property and are against the old owners I doubt that they will have the ability to buy anything else until they pay off the judgements.

I  hope that this helps.

~Jessica Bryan