? for Dave (or others), re liens on homes

classicaloneMarch 26, 2009

This isn't directly related to buying or selling, but is about liens placed on a home.

The VA dept of taxation placed a lien on my sister's home for unpaid unemployment tax from last year when she owned a business. She's going to pay them tomorrow. After she's paid them, do you know what does she need to do to get the lien removed from her home?

The letter they sent included a phone number but when she called it she gets a message that that number is not in service.

Also - do you know if it is ONLY mortgages that are owned (backed) by Freddie and Fannie that are eligable for the re-structuring (or whatever it is)? She's been told by her bank, where she makes the payments, that her loan isn't backed by either Freddie or Fannie, because it is a mobile home.

Thanks for any information you can give.

Alice

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dave_donhoff

Hi Alice,

The lien release ought to be recorded by the title company at the county... but sometimes it takes a while (or gets buried & forgotten.) If you sis keep her proof of payoff, and the lien isn't released, later she can have Title to get it removed whenever it becomes an issue.

As for loan restructuring, she doesn't have to have her note held by Fannie or Freddie... a note modification can be negotiated with any note holder. The Fannie & Freddie notes are governed by the requirements being handed down by the government which clearly (or sorta/kinda clearly) dictate how its supposed to happen... but in essence that's all backfiring because its still convoluted & unclear so the Fannie/Freddie bankers are just sitting on their hands.

If you sis has a note modification negotiator contact her servicer she may actually have more success, quicker, than all the folks sitting on their Fannie (get it, I made a funny!) or Freddie notes ;~)

Cheers,
Dave Donhoff
Leverage Planner

    Bookmark   March 26, 2009 at 8:06PM
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classicalone

Thanks for the info Dave. I really appreciate it and so does my sister. She's a wonderful, smart, hard-working person who has had some awful set backs.

One more question though - how does she find a note modification negotiator?

Thanks again,
Alice

    Bookmark   March 26, 2009 at 8:15PM
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dave_donhoff

Alice,
I suppose a Google search may work. You'll want to make sure that anyone your sis selects is properly licensed (check with your state department of real estate finance, mortgage, or consumer finance... each state calls its department something different.)

Dave Donhoff
Leverage Planner

    Bookmark   March 26, 2009 at 10:05PM
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triciae

Lien releases are recorded at the same place that handles deeds & other liens such as a mortgage.

Not every place is as Dave explained, "The lien release ought to be recorded by the title company at the county..."

In fact, I've never lived anywhere where the title company had anything to do with recordings/filings. Title companies are a commercial company peforming a real estate service but are not a governmental agency responsible for filings.

Here, in CT, each town handles their own real estate recordings. In many states, recordings are at the county level.

Also, your sister's mobile home loan isn't considered a real estate loan unless she owns the land & there's a permanent foundation. Rather, it falls into the secured personal loan category because a mobile home is like a car, personal property. In my area, a lender on a mobile home holds the title, same as if you have a car loan, until the loan is paid in full. So, you need to find out how mobile homes are handled in your state...state level, county level, town level, or lender.

Restructuring of a mobile home loan...

This would be the same as a distressed car loan (mobile homes can be repossessed same as a car). Your sister just needs to phone the number on her payment statement. She should explain her situation & just ask for a loan modification. In all probability, with documentation of the hardship, she'll receive the modification.

My best to your sister.

/tricia

    Bookmark   March 27, 2009 at 8:02AM
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triciae

Well, I just read my post & I was about as clear as mud!

Let me try this again, please.

Mobile homes may be personal property or considered real property depending on the state. My poor brain wants to say there about 10 states that consider them to be real estate. The remainder are title states...like a car.

So, if your state is a title state...have your sister check with the Department of Motor Vehicles for the lien release. And, the lender. That's because taxing authorities usually file both with the lender & the recording agency. Is that any clearer???

The physical title may be either with the lender, the DMV, or the appropriate real estate filing office. For some reason I'm having trouble describing this...sorry.

/tricia

    Bookmark   March 27, 2009 at 8:22AM
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