This is a little off the usual debt problems but I'm hoping someone has experience with this. I'm trying to buy a home that will be going through probate, a nice old lady died. Her sons will sell me the house for a great price but they want to be able to pay off Clackamas County Social Services here in Oregon. S.S. apparently payed for stuff while she was in a nursing home. Estate owes them about $18,000.00 and I of course would like to whittle that down as much as possible, so anyone with experience dealing with Social Services anywhere? What type of bargaining letter/phone call should I make? The house is on it's way to foreclosure sale 8/16 . I searched county records and their are no liens on the property (yet). thanks all - hope I wasn't too long. freak
I'M CONFUSED...HOW IS THAT YOUR PROBLEM??? You pay say $118,000 for the house...AT CLOSING $18,000 goes to Clackamas County Social Services...the rest goes to the "LIEN HOLDER" on the property...anything left goes to the sons... OR ARE YOU SAYING THE $18,000 COMES FROM YOU BECAUSE THE "LIEN HOLDER" GETS $118,000 AND THE SONS WILL GET NOTHING??? [EDIT] OH I SEE NO LIENS~~~SO WHY IS THE $18,000 YOUR PROBLEM...JUST MAKE SURE THEY MAKE THE $18,000 PART OF THE DEAL TO GO DIRECTLY TO Clackamas County Social Services @ CLOSING...
I'm thinking it's his problem because the less they have to pay Clackamas, the less he has to pay for the house. Still I have no advice. Seems like government agencies can do whatever they like. Kim
Negotiate debt? UPDATE Sorry, sometimes I don't explain things too well. The amounted owed on the house is 74,000 and house is worth 125,000. Nice spread I think. The sons will sell the home to me (I'm 99.9%sure) for the 74,000 plus 18,000 to pay off Social Services. The house is in the foreclosure process. So I was going to ask the sons to give me permission to talk to the bank and social services about discounted payoffs. Well I just got off the phone with a lady at Social services and I mentioned a payoff of 15,000 and said well when you have a contract give me a call and we can talk. Sounds to me like I'm guaranteed a discount of some kind
Re: Negotiate debt? UPDATE The house is in the foreclosure process. freaktmm ======================= If the bank is foreclosing on the house for 74000 That is all the owner can get out of it. This bit of suckering you into paying any part of the 18000 is pulling a fast one on you. The owners are trying to take you on this one and so is social services . If the house goes for 74000 Social Services will be out the 18000. Social services knows this and are playing both you and the owner for fools. Once the home is sold for 74000 and the estate is settled Social Services is SOL. And the owner will not be obligated to Social Servicesfor any part of the 18000. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Negotiate debt? UPDATE Yo, Brown--with all due respect, how is he getting conned? A $125K house is a $125K house. If you can get it for $92K--you are getting a $33K discount on the house. Not bad. If you can get social services to reduce their claim, that's just money in the bank. I doubt a bank will negotiate to reduce the amount owed on a foreclosure--they have a security interest and will get paid the $74,000 owed when they sell the house. How much do you trust this $125K appraisal?
Re: Re: Negotiate debt? UPDATE Yo, Brown--with all due respect, how is he getting conned? boywonder ================ By paying any part of the 18000 that neither he nor the owner has to pay. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Negotiate debt? UPDATE To the best of my knowledge, if I buy the house now from the owners I would still be obligated to pay for the $18,000 lien that is attached to the house. It doesn't go away when I buy it. Most all liens attached to real estate don't go away until after the foreclosure sale. If I tried to purchase it at the sale, there will be competition and I would still be stuck with the lien. Another update is that now the 3 sons want $1,000.00 each to sell the house, and they were told to file probate there is a $410.00 filing fee. still thinking about it.
Re: Negotiate debt? UPDATE It's a fair appraisal, it think. I'd be happy to get anywhere from $116,000-$125,000 for the house if/when I sell it. Another investor I just recently met and talked to had already checked out the house too and said he thought $120,000 was a fair price but the house was a little to small for him to pursue. I don't think the sons will/ or have done anything with Moms' stuff except clear out the house. It's still a deal in progress.
