how do i collect on a lien???

[earl]

if i have a lien on a house that is being sold does buyer or county clerk contact me? do i need to hire a lawyer to petition i get paid? how does that work? thanks!

 

[DrGonzo]

Earl.......You shouldn't need to do anything. The sellers lawyer should contact you regarding the payoff. The bank issuing the loan will not approve the sale until the title is clear (as well as the buyers lawyer). Most states also allow a hefty APR to be applied to the balance, you may want to check into it. I would recommend insisting on a bank check for payment.

Best,
Dr. Gonzo

 

[earl]

good call dr. got the check in the mail. this was basically payback for a loan so this is not in any way taxable is it?

 

[Seymour]

Earl, what about the interest you received on the original lien?

 

[earl]

none, i conceded it as a goodwill gesture to help a friend.