Technically a forced sale of property for debt in most states is legally possible, the reality is it is a very occurrance. All states have homestead exemptions which are to be used to protect a primary residence from a forced sale by creditors. It is very important for the homeowner to know if their property is automatically protected by state law or if they are required to file a declaration of homestead with the county property recorder's office. Creditors are extremely reluctant to use a forced sale of a home to collect debt owed. The procedure is complicated, time consuming and seldom garners enough money for repayment of the debt. In addition, most state laws have loopholes that can be used to prevent such action, and a few states have laws that forbid the forced sale of a primary residence by a judgment creditor.
You haven't provided enough detail. A lienholder usually waits for the time when the property is sold or mortgaged. Neither can occur until the lien has been paid. You may need to move from the property if the lien holder forces a sale to satisfy the lien.
You have to, it is a debt...it is just a secured debt...by the lien on the property.
Eventually the city will take possession of the property and sell it.
It means that you owe someone money, they have obtained a judgment against you and you will not be able to sell or refinance your property until the lien is paid and a discharge is recorded.
Yes. A lien is how the taxing authorities protect their interest in the property of an individual or business that does not pay its taxes. The state did not take away the proprietary right yet.
This notice alerts a homeowner in Florida that someone has or will provide improvements to their property, either by furnishing services or materials. It puts the owner on legal notice that they now have a responsibility to make certain that that person gets paid, if not, that person may place a lien upon the property. It is an important document and establishes the lien rights of those that work on your house, you should pay careful attention to it and make certain that those that send you this notice get paid.
A person or a company that puts a lien on a vehicle is a "lien holder" that is on the title. It is not recognized as ownership.
They can still place a lien on the property. And when your father dies, they could recover than.
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.
At some point in time everyone is faced with the decision to buy something on credit. It may be a car, a house, an appliance, or a tract of land that requires some sort of financing to complete the transaction. If financing is the only option a lien is generated to guarantee payment. A lien is a claim against the property purchased; it prevents an individual from selling it before the debt is paid and the lien is removed.A lien doesn't give anyone else ownership of the property it just prevents the individual from transferring or selling the property while the lien is in force. If the property is sold before the lien is paid the owner must pay off the lien from the proceeds of the sale. If the proceeds are less than what's owed on the property the owner is responsible for the difference and must pay it before the lien is removed. Lien processing lawyers' deal with incorporating, enforcing, and retiring liens.Most Liens Are Accepted as Normal Financial ToolsMost liens are voluntary so a standard form is used when purchasing a car on credit or buying a home. A home mortgage is actually a lien; the lender puts a lien on the property until the mortgage is paid or the property is sold and the debt is paid in full. Contractors use liens to ensure payment when remodeling work is done. A contractor or mechanics lien can be filed in some states without the giving the individual any notice. That practice can open the door for several legal battles and that's when a lien processing attorney is called in to sort out inferior workmanship, additional charges, and non-payment for services rendered.The government will put a lien on property if income taxes are not paid according to their terms. Another type of lien processing has evolved from the failure to pay income taxes on time. A tax attorney is trained to negotiate with the government so tax liens can be removed as quickly as possible. A lien processing tax lawyer helps taxpayers pay what is owed or they make a settlement with the government so the tax lien is removed from personal property.Other liens like a divorce lien, a homeowners' association lien, and judgment liens filed by banks and credit card companies often require the services of a lien processing attorney who can help reduce additional interest charges and legal costs.
Only if the landlord agreed to pay for those improvements. Normally, you would not be reimbursed for the cost of repairs or improvements you did not have permission to make. In fact, you might be responsible for paying to restore the property to its original condition if the landlord did not like your improvements.
it puts force on an object to make it move and makes matter change
If the loan on the investment property is "recourse" -- ie you personally owe whatever the bank fails to collect on a foreclosure sale, and then you do not pay that "deficiency", then the bank could sue you and take a judgment against you and file a judgment lien against you that would tie up the house (a judgment lien effectively puts a "stop" on transfers of any property). And if you try to sell the property after they file suit (or possibly even before), you might be charged with a fraudulent conveyance. It also depends on whether they took your home up front as additional collateral. There are too many unknowns because you gave few facts, but this is as "could be".