0
If someone fails to pay promissory note can you lien the property?
Wiki User
∙ 7y ago
No. For a loan secured by real estate a mortgage conforming to state law must be executed.
No. For a loan secured by real estate a mortgage conforming to state law must be executed.
No. For a loan secured by real estate a mortgage conforming to state law must be executed.
No. For a loan secured by real estate a mortgage conforming to state law must be executed.
Wiki User
∙ 13y ago
Wiki User
∙ 15y agoNo. If the promissory note was attached to a mortgage or deed of trust, you will need to foreclose the mortgage or deed of trust. Otherwise, you will need to sue the person who owes you the money, and obtain a judgment. This will act as a lien on any real estate they own, and you will also have a variety of other collection options including garnishment with a judgment in hand. I suggest the use of small claims court as an inexpensive way of obtaining a judgment. It requires no attorney nor legal experience, but the maximum amount you can sue for varies from state to state. Contact your local court for details.
Wiki User
∙ 13y agoA promissory note is an unsecured note. It doesn't create any lien on a person's property. Generally, if the borrower defaults on the note the creditor must sue and obtain a judgment within the statute of limitations for the promissory note. If successful in court, the creditor can request a judgment lien that can be recorded in the land records against the debtor's real property. Their property cannot be sold or mortgaged until the debt is paid. State laws vary so you need to check the laws in your state.
Wiki User
∙ 7y agoYou can obtain a lien on someone's property if they fail to pay a debt by suing them in civil court.
Wiki User
∙ 13y agoNo. For a loan secured by real estate a mortgage conforming to state law must be executed.
Add your answer:
Earn +20 pts
How do you file lien on property that you have a promissory note on?
You need to sue the debtor in court and win. If you prevail in your suit you can request a judgment lien. The lien can be recorded in the land records if the debtor owns real property. The property cannot be refinanced or sold until the lien is paid. Generally, personal property can be seized by the sheriff to satisfy your lien.
Do you have to renew a lien on someone's property every 7 years or is it on there always?
Does a lien have to be renew on the property?
You loaned money to owners of a business they signed an on demand promissory note how do you file the lien on the property?
You will need to take the person to court. Once you have a judgment in your favor you can then file a lien with the courts.
How do you collect on a promissory note from someone who died?
You must file a notice of lien with the Probate Court against the assets of the deceased's 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
What is a tax lien list, and what does it mean for a business?
A tax lien is issued when a company fails to pay their taxes. If they do not pay their back taxes the property may be foreclosed. A tax lien list contains a list of delinquent properties.
Can you put a lien on a car if you have the title?
That would be counterproductive if the title you hold is in your name. If you are holding the title for someone else, a lien would only make a difference when they sell the car--and it has to meet certain criteria.AnswerNo. You cannot place a lien on your own property legally since there is no separation of title. A lien gives the lien holder a legal interest in the property of another. If you are holding property in your name for someone else, the title is in your name and you cannot place a lien against it.
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 you own that someone stole?
sure...however the validity of the lien may come into question...or you can file an action in supreme court to overturn a conveyance or to assert fraudulent conveyanceClarificationYou cannot place a lien on anything by your own authority. You must obtain a judgment lien through a court process. That is not the way to regain property that someone took from you. You must sue the thief and the court will render a decision. If the decision is in your favor and the property is real property the court will restore the property to you. It will not issue a judgment lien unless the property is personal property and cannot be returned. In that case, you can record the judgment lien against the defendant and it will affect any real property owned by the defendant.
What is judgment debt on property?
If someone has taken you to court and won a money judement in their favor the court will issue a judgment lien that can be recorded in the land records against your real property. You cannot sell or refinance your property until the lien is paid. The lien affects any property you may own. If you have no real property the sheriff can sieze any personal property you own in order to satisfy the lien.
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 you go around a lien on your property?
No. The purpose of a lien is to notify the world that you own someone money. When recorded against your real property it serves notice to a potential buyer or lender that the property is already encumbered. You cannot sell or mortgage the property until the lien is paid. You need to go around and pay it off.
