OfflineAll:
The legal procedure for execution against Property subject to a judgment lien is straightforward. However, underwriting the costs associated with executing a Judgment Lien Against Real Property has proven to be a real challenge for me. I was awarded a Judgement Lien for approximately $180,000 by the county supreme court as a source of recovery against two blocks of free-and-clear, business A/commerically-zoned property that anchors a nationally designated historic neighborhood in Upsate Central New York. As you'd imagine, what has been happening in the larger economy coupled with the sentiment of "get the deed first then come see me" have been ongoing setbacks.
I have a development schematic for this site. At this point I need an advanced real estate maneuver that will extinguish the judgment debtor's interest in the property. Barring that, I am looking for underwriting in the amound of $30,000 to fund the process of executing this Judgment which includes the costs of administration, legal, insurance, and fees. And, before you go there, no-- I do not have a savings, an IRA, a rich husband or any other such cash option.
I'm simply an entrepreneurial, sngle mother-of-two looking to seize this once-in-a-lifetime opportunity to actualize my vision and make some money while doing good.
Let me hear from you...
Thanks,
Ladyluck
ask a good RE attorney if they will take this on and get paid on the back end
Please fill out your profile info
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
All:
Have been on the phone today with the folks at dohardmoney.com.
The conversations was going well, but utlimately their representative told me that my request for $30k (for the execution of the Judgmente Lien) was being denied because they have a $1Million dollar limit on funding for commerical property in New York.
Of course, I told her I'd be glad to up the request to 1Million and could get her a proposal within the hour!
She begged off and "wished me luck".
Other ideas, and would anybody like to give me a read on the real deal?
Thanks,
Ladyluck
Hi Ladyluck, Ill give this some thought need a little time an Ill get back with you, I may have answer, not sure but we will see, Jim
jbischoff
I do some judgment recovery from time to time, and I have several ideas in mind. Yet, I'd need more information to help me determine the best way to approach this.
Can you enlighten us on the advanced maneuver that will extinguish the debtor's interest in the property?
Greetings All:
Just wanted to jump in here on a couple of things. First, Mike, I wanted to thank you for reminding me to fill out my new member profile as soon as I joined the DG community site. While I don't think doing so should be mandatory, I do think folks should complete the profile automatically and voluntarily; the on-line equivalent of walking into a room full of strangers and responding briefly when asked to introduce oneself.
Next, Thomas, I don't know of any advanced real estate maneuver that will extinguish the debtor's interest in the property. That's why I'm asking everyone in the DG community if anyone knows of the existence of such a maneuver. The situation is unique in that I have this judgment lien in excess of $180,000, the judgment debtor owned this commercial property free-and-clear so there is no commercial lender in the mix, and this is not a shadow inventory type of situation. Or, if it is...I'm missing it. The judgment debtor is completely out of the picture (i.e., physically absent/property abandoned), and I've had this lien for a while now. I would think that, at some point, the municipality or the coutny economic development folks would have some type of 'in the best interest of the community' waiver-type deal that would incentivize and allow someone in my position to process the lien, acquire the deed, and get on with a small business commercial deal to do a walkable neighborhood-based micro-development.
Ideas?
Thanks,
Ladyluck