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Can HOA foreclose on their liens before the bank lien?
TessMcIntyre
Your answer depends on the nature of the HOA lien, the nature of the bank lien, the state law and the governing documents in effect for the HOA.
There is no standard.
Wiki User
∙ 10y ago
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If you don't pay can they take your home?
The IRS could get a lien on your home for failing to pay any income taxes that may be due. If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home.
Is a statutory lien an involuntary lien?
Yes. Statutory liens include tax liens, mechanic's liens, judgment liens, etc.
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.
Can IRS lien property without a court judgment?
The government has statutory powers to place liens against property: local, state and federal liens can be recorded without court judgments. A court decree may be required to foreclose on those liens, take possession and sell the property.
When is a lien a good thing for a homeowner?
A lien means you owe someone money and they have a claim against your property until the debt is paid. A voluntary lien such as a mortgage can be considered a good thing since you initiated that lien process and benefitted from it by being able to purchase the property with a loan from the bank. Involuntary liens such as tax liens or judgment liens are not a good thing.
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.
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.
What happens if the lien is improper?
If a construction lien (or mechanic's lien, as it is sometimes referred to) is not properly filed, or has defects in the lien itself (liens are highly technical documents), it may be discharged. An attorney can bring an action to discharge a lien. In New Jersey, this can be done either through an Order to Show Cause, or by forcing the lienor to bring an action to foreclose and defend the lien.
How do you know if a bank lien is a scam?
There are a few red flags to watch out for to determine if a bank lien is a scam. Be cautious if you receive unsolicited calls or emails claiming that you need to pay a fee to release a bank lien. Legitimate liens are typically initiated by a legal process, and the bank will usually contact you directly through official channels. Always verify the information independently with your bank before taking any action to avoid falling victim to a scam.
Can one property have more than one lien against it?
The liens must be paid before the property can be transferred.The liens must be paid before the property can be transferred.The liens must be paid before the property can be transferred.The liens must be paid before the property can be transferred.
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.
If you had a lien placed on your house 2 months before you filed bankruptcy and you filed bankruptcy on that creditor is the lien still valid?
All liens survive bankruptcy. You can get rid of the lien by "avoiding" it. Look up "Avoiding Liens" in google or findlaw.com for more info.
