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If you owe the IRS and several banks money and they have placed liens on your home and you sell it who gets their money first?
Wiki User
∙ 16y ago
If you try and sell it, everyone will get paid before you can provide title over to the buyer.
The primary mortgage holder will get their money first. Then the liens, usually in the order they were placed on the property will get paid off. If there is anything left, you will receive the balance.
Put another way, you must pay off the liens to sell the property. It can be at the time of sale.
That's the point of the lien. They get paid before you.
Wiki User
∙ 16y ago
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How many civil judgment liens can be placed on a piece of property?
There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.
Can two banks have a lien on the same title?
Yes. there is no limit to the number of liens that can be recorded against a property.
What are the main terms of a first mortgage?
The Keywords or main terms of a first mortgage are "Mortgage", "Lender", "default", "liens", "property", "borrow", "collateral", "risk", "contract" and secondary words for the matter could be "Agent", "Money" and "banks".
What is the definition of the legal term liens?
The legal term liens is a real estate term that means the owner of a property has a charge placed on it in an attempt of the another party trying to securing the debt owed to them.
What are all the liens included in junior liens?
The types of liens that are common junior liens are mortgages filed after the first, Home equity lines of credit (HELOC), mechanic's liens, back child support payments, property taxes, past due HOA assessments, dues and fees, IRS, court judgments (if they are attached to your property by a judge). If the first mortgagee successfully forecloses on a property, all liens attached are wiped out except for property taxes, IRS liens, and child support.
Can liens be placed against residential property in Virginia for unsecured debts?
Yes, if the creditor sues the debtor and prevails in court.
Is their of statute of limitations on car liens in florida?
These are typically based on paper and the lien placed against the title. Once in place, they do not expire.
Can inherited personal real estate have liens placed on it for past due medical and student loan bills?
In short, yes. If the real estate is in your name, it can have a lien placed against it for debts you have incurred.
What happens if you never paying credit card debt?
You are likely to have your wages garnished. Your credit cards will be cancelled and liens may be placed on property.
If you had a lien placed on your house 2 months before you filed bankruptcy and you filed bankruptcy on that creditor is the lien still valid?
All liens survive bankruptcy. You can get rid of the lien by "avoiding" it. Look up "Avoiding Liens" in google or findlaw.com for more info.
Is a statutory lien an involuntary lien?
Yes. Statutory liens include tax liens, mechanic's liens, judgment liens, etc.
In Minnesota does a mechanics lien supersede a first lien holder?
A first lien holder is usually the lender or mortgage holder. Mechanics or Construction Liens do not supercede any lien placed before them or mortgage recorded after the lien is filed. In Minnesota mechanics liens are only enforceable for one year after the last day of service. Any lien holder, regardless of where they are in priority, can file to enforce their lien at anytime during that one year period.
