Clearing the Phantom Lien: How to Erase a Ghostly Claim from Your Property Deed, Mortgage, or HELOC
Download MP3Episode Show Notes / Description:
- What Are Zombie Mortgages?
Zombie mortgages are loans presumed long dormant but have resurfaced. This can apply to mortgages, car loans, judgment debts, and other types of liens or debts. - How Do Zombie Debts Work?
- These debts may have been written off, charged off, or considered non-collectible by the original lender.
- Examples include dismissed foreclosures, canceled repossessions, or lawsuits that stopped collecting.
- Despite being written off or charged off, these debts can resurface, affecting your credit or leading to collections, foreclosures, or liens.
- Understanding Charge-Offs and Write-Offs:
- A charge-off or write-off doesn’t eliminate the debt but removes it from the lender’s balance sheet.
- These debts may have been sold to collection agencies for pennies on the dollar, who then attempt to collect not just the original amount but also accrued interest and fees.
- Steps to Take:
- Lean Release Request:
- To clear these debts, you can request a lien release from the original creditor.
- Ensure you get everything in writing, especially from the lien holder, registered agent, or magistrate.
- Documentation and Legal Precautions:
- Send a well-prepared package of documents to the original creditor.
- Avoid contacting them via phone, email, or social media—always use formal, documented communication.
- Consider using a mail forwarding service to protect your personal information.
- Lean Release Request:
- Why This Matters:
- Clearing these zombie debts is crucial to avoid ongoing financial liabilities.
- Failing to address them could lead to renewed judgments, liens on property, or slander of title claims.
- Additional Resources:
- For more detailed guidance, visit LeanRelease.com.
- Explore other videos on our channel for further insights into managing and resolving zombie debts.
- Legal Disclaimer:
- We are not attorneys and do not provide legal advice. We are certified civil court mediators and licensed private investigators. Always consult with a legal professional before taking any action.
- Call to Action:
- If you found this episode helpful, explore other content on our channel for more valuable information on protecting your financial health.
