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Commissioner Bowman asked if there was any insurance here, <br />and Assistant County Attorney Will Collins explained that there <br />wasn't, and that was the problem. Normally, when there is a <br />mortgage on the property, there is insurance, but through neglect <br />or whatever, the bank didn't renew their insurance premium. The <br />bank's lawyer has advised that the reason they had to sign the <br />mortgage is because the insurance didn't cover it. They were <br />trying to cut their losses and sold the mortgage at a discount. <br />Attorney Collins believed they sold it to a neighbor who is <br />trying to clear up all the encumbrances on the property so that <br />they can add it to their lot. <br />Commissioner Bird understood that our options are either to <br />accept their settlement of $1,000 or foreclose. He wondered if a <br />third option would be to just leave the lien in place. <br />Attorney Collins explained that would not be an option, <br />because what they are trying to do is avoid the cost of <br />foreclosure, which could run a few thousand dollars. They are <br />offering to pay off about one third of the liens that we have and <br />save themselves the cost of foreclosure. If we don't agree to <br />this settlement, they will then institute foreclosure <br />proceedings, and because their mortgage was prior in time to our <br />liens, the only way we could preserve our liens would be to pay <br />off the first mortgage; in other words, bid to take over the <br />property ourselves in the amount of the first mortgage that is <br />still outstanding. He pointed out that it is a pretty unusual <br />situation, and that he didn't see any advantage in the County <br />taking it over as it has been just a nuisance to us to maintain <br />it. <br />Nov 14 1989 <br />39 <br />BOOK 78 F;. E. 395 <br />