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A lien means you owe someone money. There are many different types of liens including the following:
- A mortgage is a voluntary lien.
- A company can record a lien against your property (with your signature) for installation of equipment such as boilers, heating systems, water heaters, windows, siding, roofing, etc.
- The government can record involuntary liens against you for non-payment of state, federal, local and other types of taxes.
- The city can record liens against you for trash clean up and demolition of a unsafe structure, or for improvements to sidewalks and roads that benefit your property.
- A creditor can sue you for a debt and obtain a judgment lien that can be recorded in the land records.
- The state can record a lien against your property if it provided medical assistance and benefits prior to your death.
- A contractor who provides labor and materials for home improvements can record a mechanic's lien against your property.
Generally, you cannot sell or mortgage your property until the lien is paid.
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Can creditors put a lien on life insurance?
A lien against the fee owner, or remainder person, will be subject to the life estate.A lien against the fee owner, or remainder person, will be subject to the life estate.A lien against the fee owner, or remainder person, will be subject to the life estate.A lien against the fee owner, or remainder person, will be subject to the life estate.
Does a deed transfer negate a lien?
No. The purpose of a lien is to notify the world that someone has some type of claim against your property or some form of interest in it. The property would remain subject to the lien
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.
What is more of an encumbrance on property a lien or an easement?
It depends on the lien, the easement, and the owner's intent for the property. Typically, a lien doesn't impede the owner's enjoyment of property rights unless and until the owner wishes to sell. At the point, either the lien must be satisfied by the seller or the property must be sold subject to the lien; in either case, the net monetary return to the seller will be diminished by the amount of the lien. By contrast, an easement essentially allows another entity the right to restrict the owner's use of the portion of the property covered by the easement. If the landowner sells, the land property is sold subject to the easement and the new owner continues to be subject to the easement rights.
When does a special assessment become a lien on real property in Oregon?
When improvements become determined and fixed.
How can your father give you property an it be put in my name if it has a lien on it i have paid taxes on it for 3 years now?
The property can be transferred to your name but it will still be subject to the lien. You should consult with an attorney who can review the situation and explain your rights and options.The property can be transferred to your name but it will still be subject to the lien. You should consult with an attorney who can review the situation and explain your rights and options.The property can be transferred to your name but it will still be subject to the lien. You should consult with an attorney who can review the situation and explain your rights and options.The property can be transferred to your name but it will still be subject to the lien. You should consult with an attorney who can review the situation and explain your rights and options.
What if you agree to buy property that is subject to a lien?
If you purchase property that is subject to a lien then you will be responsible for paying the lien. The lien holder should be paid before any proceeds are paid over to the seller. If you choose to ignore the lien holder's claim on the property and the lien holder discovers the sale,generally, they can request execution and the property will be seized by the sheriff and sold. Remember that a judgment lien grows larger every day it isn't paid due to post judgment interest and other costs. In Massachusetts the interest rate is 12%. If you need to borrow funds to purchase the property the lender will insist the lien be paid and the amount will be added to the amount you borrow.
Is a lien on a property considered real or personal property?
A lien is considered personal property.A lien is considered personal property.A lien is considered personal property.A lien is considered personal property.
Can you put a lien on property owned by your brother and you?
You should consult with an attorney. If you won a judgment lien against your brother and you own property together you may be able to record a lien against his interest in the property. In that case, if he should find a buyer willing to purchase his interest in the property, his interest would be subject to the lien and it would have to be paid before he could transfer his interest.However, remember that if you mend your differences and try to sell or mortgage the property, the lien must be released before the transaction can be completed.You should consult with an attorney. If you won a judgment lien against your brother and you own property together you may be able to record a lien against his interest in the property. In that case, if he should find a buyer willing to purchase his interest in the property, his interest would be subject to the lien and it would have to be paid before he could transfer his interest.However, remember that if you mend your differences and try to sell or mortgage the property, the lien must be released before the transaction can be completed.You should consult with an attorney. If you won a judgment lien against your brother and you own property together you may be able to record a lien against his interest in the property. In that case, if he should find a buyer willing to purchase his interest in the property, his interest would be subject to the lien and it would have to be paid before he could transfer his interest.However, remember that if you mend your differences and try to sell or mortgage the property, the lien must be released before the transaction can be completed.You should consult with an attorney. If you won a judgment lien against your brother and you own property together you may be able to record a lien against his interest in the property. In that case, if he should find a buyer willing to purchase his interest in the property, his interest would be subject to the lien and it would have to be paid before he could transfer his interest.However, remember that if you mend your differences and try to sell or mortgage the property, the lien must be released before the transaction can be completed.
What does this property in a LIEN SOLD status mean?
There is a lien or was a lien on the property and the lien was sold to a 3rd party such as an attorney
Can a HOA's judgment be filed as lien against the property and at the same time seize assets such as a financed vehicle?
The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.
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.
