Bare with me hear, I am a first time home buyer so im not very clear on how all of this works!
About 2 months ago we put in a deposit for a home that was a short sale and we have waited a few weeks for the bank to get back to us. ( its been a long process between starting a new job and all of the paperwork)- We have been dealing with keller williams as our realty company and norcom mortgage company. Now yesterday we got news that because the bank has basically taken too long to process our request, the home has now gone into foreclosure and the homeowner has basically forefitted. Now im a little pissed because our realtor not only told us that, but she also told us that there are about $3500 in liens on the property. Which we were totally unaware of and so was she. (which in my opinion should have been addressed to begin with…(if she had done her job correctly). Now we have 4000 sitting on the house right now. And because HUD is now involved they want us to pay the liens plus the money at closing.
Now my questions:)
1. I know the liens need to be resolved before the home is sold but is there a way for ME to avoid paying the lien up front? ( and if it doesn't have to be paid out right can i include it into the loan?)
2. I have read somethings about a possible Lien Release- what is it? How does it work?
Read more: Some help understanding buying a Shortsale which is now a foreclosure?
