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weimermutts | How to I go about buying a house with a lien held by mortgage companies that are now out of business? |
Found a vacant house in our town. Neighbors say owners moved, been vacant 3-5 yrs. Found a mechanics lien on house. Lienholder (home improvement company) has no knowledge of lien (lien is 12 yrs old now) and too old to be in their system. The mortgage company they sold it to is no longer in business. Through research have found the mortgage company that took over the other company is no longer in business either!! Anyone know how many yrs before a lien becomes worthless if unsatisfied in TX? Cannot find owners listed on title (dont think they want to be found) and they are going on 3 yrs back taxes owed. Is there any way I can buy this house? If so, what do I need to do/how do I go about doing it? The inside is quite nice and has had alot of remodeling. Its a shame to let it fall in. Thanks for any suggestions, advice, help. |
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Gregorio
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You can acquire the property through adverse possession.
It is accomplished by acquiring title to property through continued possession and payment of taxes.
There are five requirements.
1. The possession must be by actual occupation, and be open and notorious.
2. It must be hostile to the present owner’s title and wishes.
3. It must be under a claim of right or color of title. In other words, there has to be some reasonable right to a claim of adverse possession.
4. Possession must be continuous and uninterrupted for five years.
5. Claimant must have paid all real property taxes for five continuous years. |
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book writer
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A mechanics lien has to be renew every year on the same date of the month, if the lien holder did this he could only do it legally for 6 yrs because in thee 7 th year the day would fell on a Sunday and the court house would be closed so no lien could be refiled on the house and no other lien could be filed on Monday because you only have 90 days after the work is finished to file the lien! |
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LadyB!™
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Eventually the county tax assessor will sell the tax deed for this property if the bills continue to go unpaid. There will be a bidding process usually and you could then place a bid, and if successful, you will have the right to ownership after a mandatory waiting period, a few fancy legal postings and manuvers that will require an attorney who is familiar with judicial tax sales.
This legal process after the tax sale will do what you are trying to do, it will wipe out or extinguish any previous liens or mortgages on the property, providing the new owner "clear title" to the property. This is possible because the taxes due on a proeprty take priority over any and all other liens, and what the county sells to you is their right to foreclose on the property for non-payment of taxes.
That's just one strategy, but you will be in competition with everyone else in your county looking to buy tax deeds.
Good luck.
Also, since it's been 3 years since taxes were paid you should check to see if this property has already been sold at a tax sale. There may already be someone holding the tax deed and waiting for the mandatory right to redemtion period to expire, this is usually two years for a residential home. |
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kemperk
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My peers gave excellent answers.
I would not have any worry AS LONG as I bought title insurance from a title firm. Then, if
a CLOUD arises or someone claims it is their
house, you could get your purchase money back.
IN most states, a lien is forever until cleared. |
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Valarie R
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You first want to start with a local title company in your town and see what the statutes of the lien hold. I do home loans and have had to work hand in hand with these things, and it is always best to deal with the title company. They are very familiar and know how to research the deed, if the lender and proof can not be found, it can often times be released. You can also get help with the County recorder of deeds, there could be a trail of collection companies that the loan has went through, and the paper trail could be extensive. Here is the hard part, liens do not just disappear. Just because companies close does not mean that the previous loan is not going to be collected on. However it has happened. Again I would start with a title company to do a search of the property, they will have the page, book, listing, ect... on the home. Then cross it with what the county has for records, it could be a lot of work to do, but if it is a home that you want bad enough, it will be worth it. The final reason that you want to work with the Court house would now be of the back taxes, you might have no way to get the home, if it is set to go up on the Court House Steps, due to back taxes. Each state has their own policies and practices. good luck. |
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Peter T
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Texas answer - Go to a title company and pay them to do a title search and tell them that you want to know who the "successors-in-interest" are to the lien holders. It will cost (around $300 -$500) but generally you can negotiate with the successors in interest to the original lien holders for a general release of lien at a drastically reduced price. Liens have to have a possessor (interested party) if no one is interested (no successor in interest) you can put the possible claimants on notice by publication.
Having made these efforts see the first answer about "adverse possession". Open, public, notorious and adverse to the interests of the property owner is serious in Texas.
If it is as you describe - I would clean it up and move in. The interested parties will contact you and either serve you with an eviction or negotiate with you. Under Texas law a property owner has a duty of care for the property and can lose property that is effectively abandoned. Be careful as this can result in a Trespass to Try Title lawsuit to quiet title. Make sure that you check with an Attorney experience in Real Estate law.
Contact your local Tax Assessor - if you decide to move in make arrangements regarding the back taxes. If you pay them you can take them off you income tax - if you don't pay them the County will sell the property at a Sheriff's Sale and you will be on the street. |
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liveinaustin
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In Texas, the title company will except from coverage a mechanics lien unless the lien is so old as to not provide any risk. Sold my mom's house which had about 10 liens, all more than 15 years old. The title company deleted them from the commitment and therefore they were not an issue. Your best bet is to contact the counsel for a local title company....they can give you much valuable information at not cost. |
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