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There are actually two real estate closings from Hell this month.
One is in Texas, it was supposed to close a few weeks ago but the title commitment revealed that HUD put a lien against my property EIGHT years after I bought it. Apparently, the previous owner got a forbearance loan a few years before I bought the house. But HUD forgot to record the lien. The lien did not show up when I bought it. I’m still fighting to get the lien removed but HUD knows I’m about to close so they are not backing down. It’s crazy!
The other closing from Hell happened here in Panama last Friday, The 4 bedroom 3 bath house is worth about $145,000. I got it for $55,000 cash. It only needs about $2000 in repairs. But… it is on over an acre so I’m getting the land subdivided so I can build another house (or two) to increase my profit. It’s about $30 a SF to build a house, turn key, in Panama!
Read this article on my Panama website to learn what I had to go through to get this one closed.. finally:
My deal in Panama is closed. The seller is moving out the end of May. I already have a crew on standby to get all the work done in a few days. Then it is ready to go back on the market. A surveyor is subdividing the lot on May 21st. It will cost $200 to get the lot divided and will add at least $25,000 to the profit if I just sell the lot or $100,000 additional profit if I build a house on the lot. Nice ROI!
But, my closing in Texas is not going so good. You may recall that HUD put a lien against the property EIGHT years after I bought the house. The lien did not show up with I bought the house in 2002. The lien is not in my name but instead in the name of the previous owner. I have talked to HUD several times to try to get the lien removed or at least reduced. Today, they sent this message
He did instruct us to send this partial claim to the Federal Collection Center since the borrowers no longer occupies the property, which is a direct violation of the program. They will collect this as a Federal Debt and release the security lien once the account is satisfied.It just proves that the US government can do what ever they want to do and you are totally helpless in trying to fight a total INJUSTICE!
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