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Question
Dear Mr Pitcher:
I'll be very grateful for any insight on this. My husband and I are in our 60s and live in a house we co-own. We have two long-established mortgages, one with a bank and the other with a private individual who says that if we sell the house he won't call in his mortgage but will let us use his share of the proceeds to downsize and transfer his loan to the new, smaller house. He is willing to put this in writing. However, when my small business failed years ago, a creditor got a judgment against me which is still outstanding. I haven't heard from the creditor for years and I can't find anything at the deeds office showing that a judgment lien is  attached to the house, but I'm worried that if we sell the house the creditor will hear of it and resurface and block the sale or seize some of the proceeds. Is my anxiety justified? Thanks! - Marge

Answer
Hi Marge,

The best way to find out if that creditor will give you problems is to order a title report from a title company or attorney. That will tell you if the judgement is still there against you or if it has passes the statute of limitations, which is 6 years in most states. The creditor doesn't have any right to the proceeds unless the judgement is still against you. If its not against you then the creditor can't do anything about stopping the sale of the property. If all this was over 6 years ago or more then you shouldn't have anything to worry about. However the best person to verify this for you would be a title company in your state. They will tell you if the creditor still has a right to the proceeds. If they have a right to the proceeds then that could stop the sale of the property but in my opinion that would be the only way.

Hope that this helps.

Brian

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Brian Pitcher

Expertise

I can answer all questions related to Residential Real Estate. In particular I am an expert in the loss mitigation side. I meet with multiple homeowner on a weekly basis and guide them through the issues of being upside down on their mortgage and what they can do to better it. I can answer questions on Loan Modifications, Short Sale, Foreclosure, Strategic Default, Deed in Lieu. I can also answer questions on the buyer/investor side of things in regards to homeownership or home flipping. I can also answer questions regarding the 1099C or cancellation of debt that homeowners get from a short sale or a foreclosure.

Experience

I run a team of agents called the Pitcher Group, out of Salt Lake City. We specialize in Short Sales and helping sellers get out of tough situations. We have closed over 100 short sales in the past 3 years with our team. I also am an owner of a Short Sale Negotiation company that helps process short sale transactions for Real Estate Agents all across the country. I understand the investment side of Real Estate as I have bought and sold many rental type homes over the years. I also rehabilitate homes and flip them. We usually have 1 to 3 properties going at any given time. Our completion time from bought to sold is usually less then 4 months.

Organizations
I am a member of the national Association of Realtors on the national level and the Salt Lake board of Realtors on the local level. I am a member of the Short Sale Specialist Network as well as multiple short sale mastermind groups locally and nationwide.

Publications
The Short Sale Specialist Network www.savemyutahhome.com The Truth about Short Sales, Loan Modifications and Foreclosures (an ebook that I wrote)

Education/Credentials
Bachelors Degree from the University of Utah in Spanish with an emphasis in Economics. Specialized and on going study of loss mitigation tactics revolved around the banking industry and real estate including FDIC.

Awards and Honors
Bronze Home sales award in 2008 for Keller Williams Gold Home sales award in 2009 For Keller Williams Triple Gold Home sales award in 2010 For Keller Williams Triple Gold home sales award in 2011 For Keller Williams Top Sales agent individual award in 2010 For Keller Williams I have been asked to speak and teach other realtors how to handle short sales for Keller Williams International and also at my local board of Realtors.

Past/Present Clients
I have over 100 successfully closed short sale transactions.

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