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Do you still owe to a creditor that has a lien on your property and you lose it in foreclosure?
Wiki User
∙ 12y ago
Yes. First, you cannot sell or mortgage your property until the lien has been paid. If the amount of the lien is enough to warrant the costs of actually seizing the property that can usually be done through a sheriff's department once the creditor has won a judgment in civil court. The procedure varies from state to state but generally the sheriff can seize the property and sell it by a sheriff's deed. If the owner wants the property back they must pay the amount of the lien and all the additional costs.
Yes. First, you cannot sell or mortgage your property until the lien has been paid. If the amount of the lien is enough to warrant the costs of actually seizing the property that can usually be done through a sheriff's department once the creditor has won a judgment in civil court. The procedure varies from state to state but generally the sheriff can seize the property and sell it by a sheriff's deed. If the owner wants the property back they must pay the amount of the lien and all the additional costs.
Yes. First, you cannot sell or mortgage your property until the lien has been paid. If the amount of the lien is enough to warrant the costs of actually seizing the property that can usually be done through a sheriff's department once the creditor has won a judgment in civil court. The procedure varies from state to state but generally the sheriff can seize the property and sell it by a sheriff's deed. If the owner wants the property back they must pay the amount of the lien and all the additional costs.
Yes. First, you cannot sell or mortgage your property until the lien has been paid. If the amount of the lien is enough to warrant the costs of actually seizing the property that can usually be done through a sheriff's department once the creditor has won a judgment in civil court. The procedure varies from state to state but generally the sheriff can seize the property and sell it by a sheriff's deed. If the owner wants the property back they must pay the amount of the lien and all the additional costs.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYes. First, you cannot sell or mortgage your property until the lien has been paid. If the amount of the lien is enough to warrant the costs of actually seizing the property that can usually be done through a sheriff's department once the creditor has won a judgment in civil court. The procedure varies from state to state but generally the sheriff can seize the property and sell it by a sheriff's deed. If the owner wants the property back they must pay the amount of the lien and all the additional costs.
Wiki User
∙ 12y agoYes. The foreclosure does not affect the other debt.
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Is a junior valid after foreclosure?
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
When can a lien lead to foreclosure?
A real estate lien creates a secured debt by providing the lender or creditor holding the lien with a security interest in your property. Although your mortgage lender attaches a lien to your home as a matter of course, any other real estate liens that attach to the property do so because of debts you left unpaid. In certain situations, property liens can result in foreclosure.
What happens to to second lien if borrower defaults on first lien?
It may be accelerated and payable from the excess proceeds of the auction held by the first lienor in foreclosure, if there is any excess. --- improve the answer: If seond lien is not a superior lien (e.g. Tax lien is superior than MGT lien), when the first lien is foreclosured the second lien will be washed out --- Not exists any more. However, a superior lien, even a second lien, will still survive the foreclosure process which means the property owner (who has bought the property during foreclosure) still needs to pay.
You co-signed a mortgage for property you don't own. Can a lien be placed on that property for your own personal debt?
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
Can you lose your home if you have judgments against you?
Yes. Your creditor can request a judgment lien and take any property you own to satisfy the lien.Yes. Your creditor can request a judgment lien and take any property you own to satisfy the lien.Yes. Your creditor can request a judgment lien and take any property you own to satisfy the lien.Yes. Your creditor can request a judgment lien and take any property you own to satisfy the lien.
Can a bank foreclosure on property where money is also owed to the government for nursing home costs if property is ever sold?
Certainly. The bank has a lien on the property, and in most cases that lien takes precedent. In some situations, however, say in situations of unpaid taxes, no other creditor takes precedent. The IRS will be paid.
Can a lien for an unsecured loan be filed against a law suit?
A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.
Which type of lien has highest priority?
Liens for property taxes have highest priority in a foreclosure regardless of when the lien was filed.
Can Foreclosure wipe out a secondary judgment lien on the property?
A foreclosure wipes out any liens that were recorded subsequent to the mortgage. However, the lender must give notice to the IRS if a tax lien has been recorded against the property. If not notified the IRS has certain rights that may encumber the property after the foreclosure sale. Delinquent property taxes are not wiped out.
What is an involuntary lien against my property?
An involuntary lien would be a judgment lien by a creditor, a lien for unpaid property taxes or income taxes, a demolition lien, a lien for unpaid common expenses or homeowners association dues or a mechanic's lien. Contrast that with a lien you granted in your property such as a mortgage which would be a voluntary lien.
A person has right to survivorship to property in Ct and the spouse who died had a judgment lien on the property in his name only is this lien still valid?
No. A benefit of owning property by survivorship is that the moment one owner dies their interest in the property disappears and the survivor is the sole owner. The creditor is out of luck.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
