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Does a judgment act the same as a lien when you sell real property?
Wiki User
∙ 12y ago
When a judgment is recorded in the land records it becomes a judgment lien against the debtor's real property. That property cannot be sold or mortgaged until the lien is paid.
When a judgment is recorded in the land records it becomes a judgment lien against the debtor's real property. That property cannot be sold or mortgaged until the lien is paid.
When a judgment is recorded in the land records it becomes a judgment lien against the debtor's real property. That property cannot be sold or mortgaged until the lien is paid.
When a judgment is recorded in the land records it becomes a judgment lien against the debtor's real property. That property cannot be sold or mortgaged until the lien is paid.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoWhen a judgment is recorded in the land records it becomes a judgment lien against the debtor's real property. That property cannot be sold or mortgaged until the lien is paid.
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Is a levy the same thing as a lien?
No. Levy has different meanings.To levy is to impose a tax or fine. A levyrefers to the act of a seizure of property in execution of a judgment by an authority such as a sheriff.A lien is a right or interest of a creditor in another’s property. For example, a mortgage, income tax lien, property tax lien or an attachment.
Can you sell property if you bought the same property off some one who has a civil suit against him?
As long as there is no lien on the property you can. If the civil suit is pending, then no judgment lien has attached to the property and you can buy it free and clear. If the civil suit relates directly to the property, the plaintiff may have put a lis pendens on it which is a type of pre-judgment lien that is permitted in some cases when the lawsuit is over the property itself. In addition, if the suit is for work done on the house by a contractor, there may be a mechanics' lien on the property. This is another pre-judgment lien that is permitted. In any event, if the civil suit is merely an action on a debt or a tort, the mere pendency of a civil suit does not create a lien on the property. Absent a lis pendens or mechanic's lien, the property may be purchased from the defendant and sold.
What is the difference between a lien and a judgement?
A judgment is a decision made by the courts in a civil suit. A successful plaintiff must enforce and collect upon the judgment. If the defendant doesn't voluntarily pay the judgment, the plaintiff can request a judgement lien.The judgment lien must be appropriately filed in order for the creditor to secure their position to collect the debt. It can be: served on a bank to freeze a bank account; recorded in the land records to seize real property; used by the sheriff to seize personal property; etc.A judgment lien is a TYPE of involuntary lien. There are many different types of voluntary and involuntary liens such as: mortgages; income tax liens; property tax liens; liens for municipal services; mechanic's liens; child support liens; and, judgment liens.
If you own a house with your same-sex roommate if a creditor wins a judgment can they put a lien on the house if you owe a lot in mortgage and have very little equity?
Sure, if a creditor wins a judgment they can attach any of your physical assets whether it's real property or personal.
In Fla is a court order final judgment the same as a lien?
No, it starts the lien process. Once you receive judgment you can then place a lien on the person that owes the money's property or income. All costs should be tracked while doing so as they go against the delinquent account from this point forward!
Does the amount of a lien stay the same over the years?
Generally a judgment executed as a lien will continue to accrue interest at the rate that is allowed by the laws of the state in which the judgment was granted.
Is a lien the same as a claim?
A lien is a claim against the value of property, such as a house or a car. The property cannot legally be sold or transferred without settling the lien.
Will a credit card company seize your car for unpaid credit card debt?
If a creditor/lender obtains a writ of judgment from the court in the state where the debtor resides, said judgment can be executed against real and personal property belonging to the debtor. In matters of judgments for CC debt in most US states it is possible for the judgment holder to place a lien against a vehicle (depending upon how the vehicle is titled) and request a forced sale. However, even though it is possible it is not in feasible for the judgment creditor to take such action and therefore highly unlikely to occur. The judgment debtor can also, garnish wages, levy bank accounts, seize and liquidate non exempt assets (stocks, bonds, etc.) or place a lien against real property. The judgment debtor should familiarize themselves with what real and personal property is exempted from attachment according to the laws of their state. Generally these exemptions will be the same as are allowed in bankruptcy proceedings.
Is a vacate of judgment same as avoidance of lien?
No. A judgment and a lien are fundamentally different things, although they can both constitute encumbrances on real or personal property. A judgment is a finding by a court of competent jurisdiction that one party is legally liable to another party, usually for a sum of money. It contemplates the filing of a lawsuit, achievement of service of process, and either an adjudication on the merits (facts) after a jury or non jury trial, or sometimes, by default. A default occurs when a party, usually the defendant, fails to timely respond to the claim and all material allegations are deemed admitted. If the plaintiff is then able to prove damages, a default judgment may be entered. It is almost universal that a lawful judgment becomes a lien on the judgment-debtor's property, although state law varies as to how such a lien is created (for example, automatically, or only after recording). A judgment can be vacated under a variety of circumstances, such as if the defendant can demonstrate that he/she/it was not lawfully served with process and therefore, that the court did not have the personal or subject-matter jurisdiction to enter the judgment. A judgment can also be vacated when the party who lost at trial prevails on appeal. The cause may be sent back ("remanded") to the lower court to vacate the judgment and retry the case. In contrast, a lien may be described as a statutory mechanism by which an artisan (contractor, architect, many other categories of people) can impress a kind of ownership interest upon the property which he/she/it helped to create or to improve, for the purpose of enforcing payment for services. Creation of the lien does not involve filing a lawsuit, but there is often a recordation process in the public records of the country in which the property is located. Avoidance of the lien may involve a formal challenge of it whereby the property owner may be required to post a bond (issued by a surety, or in cash) so that the lien is "transferred" to the bond, whereupon the parties may dispute the validity of the lien in court without the property itself being subject to the litigation.
If you default on a leased vehicle can the bank place a lien on your home?
It is possible. While it is more difficult for a vehicle lien holder to extend a lien to other, unsecured property, it is possible with a legal judgment. It is much simpler for this to occur if the lien holder and mortgage holder ar the same. In situations such as this, it is a simple matter of cross colateralization.
Why would some one put a lien on their own home?
A person might place a lien on their own home if they were misinformed. The lien would be null and void. For a creditor, a lien creates an equitable interest in real property owned by another party. That other party owns the legal interest in the property. If a peron who owns the legal interest in property recorded a lien the two "interests" would "merge" in that same person and the lien would be nullified.
Can a judgment stop you from getting approved for a home loan?
Yes, having a judgment would definitely prevent you from getting approved. "Mortgage" documents are, in reality, a lien upon the property which secures the loan. The "Note" is the IOU for the money borrowed. A mortgage is supposed to be the only lien placed against the property. It allows the lender to call the note due and take possession of the property in the event of default by means of foreclosure. Since an active judgment would allow the plaintiff to place a lien upon any real property, no mortgage lender would allow their collateral to be jeopardized. Paying a judgment is also not the end of this issue. For any legal item appearing in the "public records" portion of your credit report, there must be a disposition. For a judgment, the proper disposition is a "Satisfaction of Judgment" or an "Order to Vacate Judgment" (dismissal). This is a legal document which must be obtained at the same jurisdiction as the original judgment. It also should be "recorded" at the same courthouse. If this item is showing up on your credit report, you can also follow up by sending a certified copy of the disposition to the credit bureaus. That way, this matter won't continue to haunt you as an unattended issue in the future.
