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    bobross's Avatar
    bobross Posts: 1, Reputation: 1
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    #1

    May 24, 2009, 06:09 PM
    Foreclosure for sale with existing lien. Any way around it?
    Hello All,
    I am a first time home buyer (deep breath), and have been looking around with a friend who's a real estate agent. During my searches I found a house that seemed too good to be true. It's in a great neighborhood, has a lot of land, and was dirt cheap. After doing some digging I found that there are liens on the property totaling up to about $800K! Apparently this property used to be used for business purposes and the company ran up a lot of debt then went bankrupt (or so the story goes... ). My question is this; the house has been foreclosed and empty for a very long time and I don't see why anyone would pay close to a million dollars to get it back on the market. Is there any way to get the liens lifted/waived/etc..

    This may seem like a na´ve question, but I'd rather ask and get a negative answer than not know at all.

    Thanks in advance for the input
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #2

    May 24, 2009, 06:15 PM

    Has the back done the foreclosure, and were there other liens. If it already sold at the foreclosure sale it may have cleared the liens. You need to hire a real estate attorney to review this after you talk to the bank
    ForeclosureHelp's Avatar
    ForeclosureHelp Posts: 16, Reputation: -1
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    #3

    Jun 8, 2009, 04:23 PM

    If the property went to Sheriff Sale all liens will be cleared unless there is clout in the title and that is why the property is sitting vacant.

    All you have to do is do a title search to see who owns the property at your local courthouse.

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