I have shortsale with a judgment from Discover of 9,800. We offer 3K but they want a full amount or no deal. Anybody has suggestion , pls help. Thanks

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Judgements are a tough one. If the seller had filed bankruptcy, been discharged, and this hadn't been released, you could file legally for the release. If not though, they probably are rightfully sticking to their guns on the payoff.

Have you put the full amount on the HUD 1 submitted to the first? Judgements have to be paid from proceeds at the closing table, so they have to be on the HUD.

You could offer them the $3k to get a partial release of the judgment in order to get the property sold.  Your client would still be on the hook for the balance of the judgment.  Check with your title company first to make sure it is acceptable to them and how to go about it.

In my experience the title company will not close unless there is a full release of the judgement.

Thanks Don. I did offer them 3K for partial ( of debt) release just for us to sell this property and borrower is still on the hook for balance but they are firm: full amount or no deal. They know they get nothing when the property goes foreclosure but they told me it is their policy.

The seller may have to pay this or file bankruptcy in order to get the short sale done. A bankruptcy filing will extend the short sale about 30 days but once the Trustee abandons the property, you should be able to get the sale done. The lender may also file to have the stay lifted so the property can be sold. But the bankruptcy should wipe out the judgement. You could tell Discover, that they can get $3000 or get zero. Couldn't hurt to try.

Is it legal for a credit card company to put a lien on your property for the amount you owe them????... I have never heard of something like this before!!!



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