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Forced sale of property for debt is possible. It depends on state laws governing creditor action and judgment/lien execution. A primary residence is usually protected by a state or federal homestead exemption. Some states such as Florida have unlimited exemption which prevents any forced sale. W/O knowing the state of residency it is not possible to give a more specific answer..Macky (macky83@juno.com)
AnswerAs far as I know, in Minnesota, a foreclosure would not be possible. BUT, if and when the property is sold, the lien holder must be paid before the property can be transferred. But, I am not a lawyer. ClarificationIn the state of Florida, if the underlying lien results from improvement to a personal residence, the home is subject to lien and forced foreclosure. Florida Statute 713 governs.
Wiki User
∙ 14y ago
Wiki User
∙ 10y agoIf the lien you are speaking of is the result of construction which improves your home in Florida you can be guided by F.S. 713 .22. Generally, the lien will last 1 year after the claim of lien is recorded. It will lapse after that period if no action is taken by the lienor to enforce the lien. An owner can shorten the time period if he chooses.
A lien holder of a properly recorded and perfected lien can sue to foreclose on the lien and force your property to be sold "on the courthouse steps".
If a claim of lien has been recorded against your property you should immediately seek the advice of a lawyer familiar with construction law in Florida.
Wiki User
∙ 12y agoReal property is often the subject of judicial liens, because it is easily ascertained as an asset held by the subjects of judicial liens. A judicial lien creditor can foreclose a judicial lien and obtain ownership of both real and personal property whose existence can be discerned and which is owned by the subject of the judicial lien or who has other property interests in it, to satisfy the judgment asserting the lien.
Judgment liens or judicial liens are foreclosed through proceedings in aid of execution. The person against whom the lien is asserted is called to testify about his assets, and once the court discerns such assets, it can order property rights in such assets transferred to the judicial lien creditor to satisfy the judicial lien.
Real property mortgage liens can be foreclosed by a lender-mortgagee to vindicate its rights as to a defaulted mortgagor. Chattel mortgage liens can be foreclosed under similar conditions of default.
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Why would the second lien holder foreclose?
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
When creditor puts lien on your home will mortgage company make you pay it or foreclose on your home?
As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.
Indiana Tax sale property has a quitclaim deed?
Tax sale property has a quit claim deed. Any liens on the property, mortgages, from the previous owner will remain on the property. You would be responsible to pay off the lien or the lien holder would foreclose.
How can you get an IRS tax lien off a property that you hold a mortgage on if your mortgage pre dates a tax lien for the person who financed?
The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.
Who needs lien insurance?
The lien holder would. A lien holder has a financial interest in the property
Can a vendor's lien holder foreclose on real estate property due to default in the state of Texas?
If you are the lien holder, and someone doesn't pay, then yes, you can foreclose. I handle around 50 foreclosures each month, in 3 separate counties in Texas. We use a Warranty Deed With Vendor's Lein, Deed of Trust, and a Promissory Note, then when our customers do not pay their note for a long period of time, then we foreclose on it.
what happens to seller held mortgage when mortgagor dies?
If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.
Must a lien holder notify the owner of the property of his intent to foreclose?
In most cases, lien holders are legally required to notify the owner of the property of their intent to foreclose. This notification is typically done through a formal process, such as mailing a written notice or serving the owner with legal documents. The specific requirements and procedures can vary depending on the jurisdiction and the type of lien involved.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
What is a Lian holder?
I think you mean LIEN (not lian) holder. A lien holder is one (an individual or company) which holds the lien to a secured real or personal property.
What if you stop paying on my second mortgage?
They'll probably, eventually, foreclosure. (second response) The first lien holder will pay the second lien holder to prevent them from foreclosing on the property. A second lien would never get away with this, but if they did, boy would they be in the money. Imagine if you took a home equity loan out on a $200,000 home for $25,000 dollars. You stop paying on the second lien, and they foreclose. Their $25,000 investment just returned $200,000. Be a hell of a day for a bank. Flip side is, if a home with 2 liens does go into foreclose, the second (junior) lien gets nothing.
Who owns the property if there is a lien attached to it?
It can depend but in most cases just because there is a lien on property doesn't mean that the person holding the lien owns the property at least prior to default and foreclosure. There are exceptions, however, and that's where the "lien" is really a transfer of ownership -- there are some states where a mortgage is really a transfer of the property subject to later being transferred back, but you'd need to check in your state whether that's the case.AnswerThe owner of the fee in real estate owns the property subject to the lien until the lien holder takes the necessary steps to foreclose on the lien or size the property pursuant to a judgment.
