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I bought a property from REO. But now I found there is big ECB liens on this lot by previous owner. It was sold as a special deed, which the title insurance is uncovered.
So I know it is my liability and I have to pay for it. However, the terrible thing is the ECB lien is over 150000(all of them are default and almost 30% of it is interest rate). Is it possible to negotiate with ECB and get some deduction if I pay them cash?(Did anyone try this?)(Since it became a lien, is it still negotiable?)
Or is there anyway to get some deduction? (Pay in loans is not my option.)
(In addition, I could not find the previous owner and ask for a new ticket.)
Hope someone could provide some suggestions.
Thanks!
Didn't you know this when you were in the process of purchasing and did a title search?
I already purchased. Just a quick buy, without investigate. That is my bad.
But now I just hope to find a way to pay for this ECB lien(try to make some deduction), I don't want to lose the property.
I bought a property from REO. But now I found there is big ECB liens on this lot by previous owner. It was sold as a special deed, which the title insurance is uncovered.
So I know it is my liability and I have to pay for it. However, the terrible thing is the ECB lien is over 150000(all of them are default and almost 30% of it is interest rate). Is it possible to negotiate with ECB and get some deduction if I pay them cash?(Did anyone try this?)(Since it became a lien, is it still negotiable?)
Or is there anyway to get some deduction? (Pay in loans is not my option.)
(In addition, I could not find the previous owner and ask for a new ticket.)
Hope someone could provide some suggestions.
Thanks!
Wow,that really sucks.You're screwed but really, it's because of your own greed and stupidity.Why would you ever purchase a property with a special deed without a title search and title insurance ? Oh,I know……the deal was too good to pass up.
You should learn from your own experience and seek professional help. Going by what a message board tells you is pretty much asking to repeat the same mistake again.
Quote:
Originally Posted by bluedog2
Wow,that really sucks.You're screwed but really, it's because of your own greed and stupidity.Why would you ever purchase a property with a special deed without a title search and title insurance ? Oh,I know……the deal was too good to pass up.
Haha you always have to be suspicious when a deal sounds too good to be true. This is NYC after all, if it was easy money people would be stepping over each other like it was the line to get on the subway.
You said that you received a "special deed." There are 3 main categories of deeds in New York State: 1. Covenant and Warranty Deed (sometimes called "General Warranty" deed) ; 2. "Bargain and Sale Deed" (a/k/a "Special Warranty Deed") and 3. Quit Claim Deed. Or maybe you bought a tax lien? What is the exact wording on the deed?
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Is it possible to negotiate with ECB and get some deduction if I pay them cash?(Did anyone try this?)(Since it became a lien, is it still negotiable?)
