OfflineMy mom has a house with like five liens on it. I want to buy it with a mortgage. Everyone I talk to says I can't buy the house with liens on it unless I am a cash buyer. Is there any way around this? Can she form a land trust with me as the beneficiary? Is there some other way? Is this even true? I am in Philadelphia PA.
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Unfortunitely, when a property has liens against it, those will have to be satisfied before it can be sold. Are the liens manageable? If not, you may want to go to another property. Even in a Trust, upon death, the representative for the estate will have to settle all debts. You may want to talk with a Real Estate attorney to see what he suggests.
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What about if you negotiate with the new mortgage company to make them first mortgage holder an to pay off the liens with the new mortgage.