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A lien is merely a kind of security for a debt. If the contract provides for interest, then the lien, if properly drafted, will cover that. In most states there is a statutory interest rate. If the contract doesn't provide for interest, then interest will accrue at the statutory rate and the lien, if properly drafted, will cover that as well.
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Does house lien earn interest?
Generally, yes. Liens generally accrue interest for every day the debt remains unpaid.Generally, yes. Liens generally accrue interest for every day the debt remains unpaid.Generally, yes. Liens generally accrue interest for every day the debt remains unpaid.Generally, yes. Liens generally accrue interest for every day the debt remains unpaid.
Can interest be charged once a lien is placed on property?
Yes, depending on the type of lien. Judgment liens accrue interest at a statutory rate. In Massachusetts that rate is 12%.
Can mobile homes have liens?
Yes, they can.
Are Florida homes subject to judgment liens?
Yes.
Can a lender put a lien on your current house for the old house if the old house is foreclosed?
Yes. Most homes that go into foreclosure have liens against the owners.Yes. Most homes that go into foreclosure have liens against the owners.Yes. Most homes that go into foreclosure have liens against the owners.Yes. Most homes that go into foreclosure have liens against the owners.
What does it mean when a contractor threatens to put a lien on your home?
It means that the contractor contributed work and materials that added to the value of your home. You owe that value to the contractor. The lien is a type of security interest that must be paid before you can mortgage or sell your property.You should check the rules for mechanic's liens in your particular jurisdictions. In some states they have a short life and must be re-recorded with a judgment lien issued by a court. In some states courts are not involved and the liens have a longer life.You should make arrangements to pay the amount owed in order to keep your title clear. Otherwise the matter may need to be settled by a lawsuit.
Do involuntary liens accrue interest?
In most cases, yes. A judgment lien begins to accrue interest at a statutory rate as soon as it is issued. The rate in Massachusetts is 12%. A lien for income, property or employment taxes accrues interest from the time of the assessment. Interest can cause the amount due to increase rather quickly. The costs of obtaining the lien are also included. It's wise to pay up as soon as possible.In most cases, yes. A judgment lien begins to accrue interest at a statutory rate as soon as it is issued. The rate in Massachusetts is 12%. A lien for income, property or employment taxes accrues interest from the time of the assessment. Interest can cause the amount due to increase rather quickly. The costs of obtaining the lien are also included. It's wise to pay up as soon as possible.In most cases, yes. A judgment lien begins to accrue interest at a statutory rate as soon as it is issued. The rate in Massachusetts is 12%. A lien for income, property or employment taxes accrues interest from the time of the assessment. Interest can cause the amount due to increase rather quickly. The costs of obtaining the lien are also included. It's wise to pay up as soon as possible.In most cases, yes. A judgment lien begins to accrue interest at a statutory rate as soon as it is issued. The rate in Massachusetts is 12%. A lien for income, property or employment taxes accrues interest from the time of the assessment. Interest can cause the amount due to increase rather quickly. The costs of obtaining the lien are also included. It's wise to pay up as soon as possible.
When do liens have to be paid off on property?
Liens must be paid before the property can be mortgaged or sold. They should be paid as soon as possible. In some cases interest accrues until the lien is paid off.
What happens to a person's house after a lien is filled?
It is legally possible in most situations for a lien holder to request the forced sale of a home or property. This rarely happens, generally the lien will remain against the home until the homeowner wants to refinance, sell, transfer or initiate any action concerning the property. Before any transactions can take place all liens must be paid or satisfactoriyl settled. Liens against real property accrue interest making it possible for a small debt to rapidly turn into a large one.
Can your home be taken in an unpaid auto loan lawsuit?
In theory it is possible in the majority of US states for a judgment creditor to excute a judgment as a forced sale of property owned solely by the judgment debtor. There are so many factors involved (time, expense, etc.) creditors rarely use a judgment as a forced sale. The judgment creditor usually files a lien against the property owned by the debtor. Liens are extremely damaging as they prevent the debtor from selling, refinancing or transferring title until the judgment lien is paid. A lien also continues to accrue interest making even a small debt into a large one. Many liens are valid for 20 or more years and the majority of liens are renewable.
Is a statutory lien an involuntary lien?
Yes. Statutory liens include tax liens, mechanic's liens, judgment liens, etc.
How can you remove someone from an Ohio deed if there is a lien in his name without paying off the lien first?
You may need to consult a real estate attorney regarding this issue. If a person owns land and liens are recorded against him, those liens automatically attach to the real estate when the lien is recorded. If the person conveyed his interest in the land the liens would remain on the property. If the person conveyed his interest in order to defraud additional, known creditors who have not yet recorded liens, that could result in more costly and serious problems down the road. It would be best to consult with an attorney.
