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I acquired a trustee's Deed from a Chapter 7 trustee piece

I acquired a trustee's Deed...
I acquired a trustee's Deed from a Chapter 7 trustee for a piece of real estate. The house is worth a $1,000,000.
The first mortgage is $800,000.
The second mortgage (HELOC) is $100,000
A judgement lien of $600,000 from a separate real estate property.
I am attempting to settle the underlying liens and encumbrances to obtain marketable title using litigation and settlement conferences with lenders and I have just hired an attorney with 10 years of servicer employment with Wells Fargo and Bank of America who has been making key introductions to settle these properties.
OK, so that is the business of the company. The company derives income from rental income of these properties. In the course of doing business the company must put in substantial improvements into the property using one of the company's licensed contractors.
If I don't do these improvements the properties, that all have many years of deferred maintenance that has accrued, will begin to physically deteriorate and start to lose value, like all of the other vacant and abandoned foreclosure homes still out there.
My question is can I protect my capital investment into these properties by filing mechanics liens that follow the Oregon Revised Statutes as to procedure.
I think that this is the basis of my question and I look forward to your response.
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Answered in 13 minutes by:
9/4/2015
CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10,244
Experience: I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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You can try using a mechanic's lien, but I would be very doubtful as to the court's enforcement of this lien over any of the senior liens on the property (even if you are using related entities to perform the work, they are still "insiders" and this would be seen as a "fraudulent transfer" (not that you are doing something illegal, just that the Uniform Fraudulent Transfer Act gives other creditors a way to set aside your claim).

I would recommend speaking with your current attorney(s) about ways to better protect your ongoing investment in conjunction with your other negotiations. Many creditors are willing to "subordinate" their loan to a lien placed against the property if the new loan can somehow benefit them (maintain property value/secure their asset/etc.).

So, wrapping this into your negotiations, rather than trying to secure around them, may be your best course of action. But I would speak to your local attorney as they can provide you with formal legal advice (as opposed to my "general" advice based on "general" practices - they can tell you what they believe will work best based on your actual lien situation.

CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10,244
Experience: I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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