Legal Question in Real Estate Law in Pennsylvania

Lein Holders
Help. My husband and i own a home in E. Stroudsburg, PA. It has been on the market since 1996 and we have not been able to sell it. We were relocated to arizona in 1997 and rented out our home. The renter left the premises and we can no longer continue making mortgage payments. It has depleted our savings and we have decided to cut our losses and forclose. We negotiated with the mortgage company to do a deed in lieu and they accepted, but the lien holder will not budge. Therefore, the house went into foreclosure in december. Now, at the 11th hour, we received an offer on the home. The mortgage company said they will entertain a short sale, but the lien holder has to agree. No chance, they want their money up front...money that we just don't have. We asked ghe lein holder to please just take the lien off the property and we would continue making monthly payments to them. They will not budge. Would it be wise to retain a lawyer to help us out with the lien holder? Thanks

Asked on 3/20/00, 3:30 pm

Joel Cohen Joel M. Cohen,P.A.

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Re: Lein Holders

Yes.

Answered on 3/26/00, 10:29 pm

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