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  1. #1
    Join Date
    Feb 2010
    Posts
    1

    Default Lien on Real Estate from Auto

    My question involves judgment recovery in the State of:mississippi.

    First off, hello to all. I am going to try to make this as short as possible.
    My fiance has owner financed her home from her parents who also have a mortgage with a bank. Fiance is now selling home to avoid foreclosure. Now the problem being we found out they may possibly have a lien from an unpaid car loan on this home.
    I am not looking to make an profit from this sale. there is 10 acres here. we where selling the house and 3 acres to cover payoff and a couple thousand, then the other land would be clear. I am just trying to find out what will happen. Will that stop the sale if there is not enough proceeds to cover auto loan? Will remainder of unpaid auto loan be transferred to clear land. Or could we possibly get the auto loan company to transfer remainder of debt to her parents primary residence?
    Her parents own another home at present with a mortgage on it. As I stated I don't care to make any money off this sale. I just want to get our land free and clear, and out from under her parents crazy debt.
    I know I am going to end up enlisting the services of an attorney. I was just hoping to get somewhat of a heads-up, as I am concerned with getting totally shafted, as we have to date alot of money tied up in this mess we are just finding out about.
    Thank you all in advance, and look forward to the discussion.

    nate1

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Lien on Real Estate from Auto

    Sometimes, to clear a lien at closing, you have to bring "cash to closing".

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