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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33769
Experience:  15 years real estate, Realtor. Landlord 26 years
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I loaned $20k to a business friend. That friend Promised to

Customer Question

I loaned $20k to a business friend. That friend Promised to pay me in a year, but he disappeared- and disconnected his phone, etc- anyways- I put a lien on one of his properties. Now he is trying to sell- I got a letter saying: A property you are monitoring had gotten activity- so I googled the home's address and he is selling it- but short as a short sale- not a regular sale- what are some things that I should expect to see? What is there for me to do?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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If you have filed a lien on the property, then any short sale can't go through until they contact you and make arrangements to settle the debt. The bank has the first lien on the property and even if they are willing to take less than what is owed on the property, that doesn't affect your lien. With your lien sitting in second priority, they have to get you to release your lien so they can convey clear title to a purchaser.

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So they have to contact you and settle up with you or they won't be able to get a short sale to go through, regardless of what the bank agrees to..

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At this point, you can simply wait until the owner contacts you to settle up with you so you will release your lien.

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thanks

Barrister

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