My question involves real estate located in the State of: TX
A little over 2 years ago I purchased a commercial lot at a constable sale, the lot was sold under a writ of execution for an abstract of judgement. From what I could research the previous owner was a builder that was sued for xx,xxxx amount, since he could not honor the judgement personal property was sold at auction.
i will try and make this short so please hang in there.... At the time of sale I knew the lot had a bank lien on it, the lien amount was 62k (the purchase price) from 2007. I then found in 2010 he did a modification on his loan for a lower rate and the new principal amount was 52k. I was then able to find out the remaining balance on the loan was 46k at the time it was sold at auction. Me not knowing to much about a writ of execution sale took a gamble on purchasing the lot (for 2k) because I know the area and know it is worth quite a bit more than the original 62k loan. I figured after right of redemption was up I could sell the property and profit on the amount over the remaining 46k that was owed to the bank. I even tried to work with the bank and just pay off the lien, I was worried they could foreclose the note and sell the property out from underneath me. But the Bank would not work with me all they would say is the account is active but since your not on the loan we can not discuss any further. So I have been sitting on the lot for over 2 years, I decided to list it for sale and see what would happen if I were to get a contract how title would sort it out.
As of today the lot is at title after being listed for about a month and receiving a full price offer. Today I received the title commitment, it listed a lien from the bank for 62k from 2007. Me knowing that can't be right I started pulling records from the county clerk. I found everything I need and then some to argue the lien is not still the original loan amount.
I found that the bank just recently released the lien 6 months ago? All doc numbers, modification numbers everything were stated in the release.
Is this normal? Why would the bank just release a lien that still has a balance....
The only thing I can think of is the lot is a historical lot so on the tax roll its value is around 6k, I'm hoping they figured it wasn't worth the time or money to forclose on the note so they just released it. Could be wishful thinking on my part.
Has anyone ever heard of anything like this, could it possibly have gotten released if the original owner filed for bankruptcy? Any help/thoughts/advice on this would be greatly appreciated.....
A little over 2 years ago I purchased a commercial lot at a constable sale, the lot was sold under a writ of execution for an abstract of judgement. From what I could research the previous owner was a builder that was sued for xx,xxxx amount, since he could not honor the judgement personal property was sold at auction.
i will try and make this short so please hang in there.... At the time of sale I knew the lot had a bank lien on it, the lien amount was 62k (the purchase price) from 2007. I then found in 2010 he did a modification on his loan for a lower rate and the new principal amount was 52k. I was then able to find out the remaining balance on the loan was 46k at the time it was sold at auction. Me not knowing to much about a writ of execution sale took a gamble on purchasing the lot (for 2k) because I know the area and know it is worth quite a bit more than the original 62k loan. I figured after right of redemption was up I could sell the property and profit on the amount over the remaining 46k that was owed to the bank. I even tried to work with the bank and just pay off the lien, I was worried they could foreclose the note and sell the property out from underneath me. But the Bank would not work with me all they would say is the account is active but since your not on the loan we can not discuss any further. So I have been sitting on the lot for over 2 years, I decided to list it for sale and see what would happen if I were to get a contract how title would sort it out.
As of today the lot is at title after being listed for about a month and receiving a full price offer. Today I received the title commitment, it listed a lien from the bank for 62k from 2007. Me knowing that can't be right I started pulling records from the county clerk. I found everything I need and then some to argue the lien is not still the original loan amount.
I found that the bank just recently released the lien 6 months ago? All doc numbers, modification numbers everything were stated in the release.
Is this normal? Why would the bank just release a lien that still has a balance....
The only thing I can think of is the lot is a historical lot so on the tax roll its value is around 6k, I'm hoping they figured it wasn't worth the time or money to forclose on the note so they just released it. Could be wishful thinking on my part.
Has anyone ever heard of anything like this, could it possibly have gotten released if the original owner filed for bankruptcy? Any help/thoughts/advice on this would be greatly appreciated.....
Liens and Encumbrances: Help, Writ of Execution Purchase with Bank Lien, Bank Releases Lien
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