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Is it legal to form a tenancy by entirety to avoid a lien being placed on your property in Missouri?
Wiki User
∙ 8y ago
This can be a complicated situation and a change in ownership of property or tenancy can be undone by a court if it was done to avoid a known creditor.
A Tenancy by the Entirety (TBE) is a form of property ownership in Missouri and some other states reserved for married couples. Property owned as tenants by the entirety belongs to the marriage, which means that both spouses own the property as one person, and thus, both of them own 100% interest in the property. A creditors lien against one of the spouses cannot force the sale of the real estate. However, a lien against both is effective and that creditor can force the sale to satisfy the lien.
If you do not hold your real estate as TBE and you have notice of a lien, then you convert the tenancy to a TBE, the lien will likely take priority. Real property owned by married couples should be held as TBE where that exemption is available in order to protect the property from creditors of one spouse.
Wiki User
∙ 8y ago
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Can someones debt be placed as a lien on your property?
Not unless they also have an interest in the property other than a tenancy by the entirety.
Can a lien be placed against a property which is in tenancy of the entirety but the judgment is against the husband only?
No. If the property has always been in wife's name then it cannot be encumbered by a creditor of the husband. However, if the property was recently transferred by the husband and wife to the wife then the creditor may claim the transfer was a fraudulent conveyance and lacking any or significant consideration was made for the purposes of protecting the property from a creditor. A fraudulent conveyance will not protect the property from the husband's debt and may cause further problems.
Can a credit card company go after your house if the mortgage is in your husband's name only?
Ownership of real property is determined by the wording on the title or deed not by the names on the lending agreement. If the debtor owns a share of the property then a lien can usually be placed by a judgment creditor. The exception would be married couples holding property as Tenancy By The Entirety when only one spouse is the judgment debtor.
In Indiana is the surviving spouse responsible for repayment of debt when the deceased spouse was the only account holder and could a lien be placed on the home?
No, Indiana is not a community property state. Indiana is a Tenancy By The Entirety state which means jointly owned marital property passes directly to the surviving spouse and is not subject to probate procedure not creditor attachment when the deceased spouse was the sole debtor.
When a judgment is executed is it an 'automatic' lien on the debtor's property?
A judgment in most cases (except for small claims) can be executed as a lien against real property. It is not "automatic" the judgment creditor must file the judgment as a lien against property solely owned by the debtor or if the portion that is owned by the debtor when the property is jointly held. Judgment creditor liens cannot be placed against marital property held as Tenancy By The Entirety where only one spouse is the debtor.
How long can a lien last on a property in Missouri?
A lien can be placed on a property in the United States when a person owes a creditor a sum of money. In the state of Missouri, a lien can be on the property for ten years.
Can a lien be placed on a property for the debt of only one of the owners?
Yes, any person listed on the deed as an owner can have a lien filed against that property in their name, even if there are other owners listed. However, a creditor cannot force the sale of property held as tenants by the entirety for the debt of only one of the parties.
Can liens be placed on your home if you cannot pay off your credit card debt and can you lose your home if you do not pay this debt?
Yes, a lien can be placed against real estate for unpaid debt. Generally, this results in no loss of the real estate, rather impedes the title by having additional liens which need to be cleared by payment prior to sale or transfer by some other means (like a will). Consult a real estate attorney for more specific information. I would add that it would be a good idea for homeowners to check how their property is titled. And also to be informed of the laws of the resident state concerning such matters. For example, a state which recognizes "tenancy by the entirety" is quite different in real property, than a commnity property state.
Can someone put a lien on your home when it is a personal loan and what if the house is jointly owned and the owners are not married?
A Mechanic's lien can be placed on a jointly owned home without the necessity of a lawsuit. All other liens against real property even that which is jointly owned must be obtained through the prescribed legal procedure (lawsuit) of the state in which the property is located.
When can a sold sign be placed on a property?
when the property is sold of course.
Is it legal for a lien to be placed on a joint loan if both parties are not on the property for the lien?
Liens are not placed on loans. Liens are placed on the property that secures the loan. If a co-signer who does not own the property secured by the loan is sued for default, the lender could obtain a judgment lien and then use it to take any property owned by that party to satisfy the debt.Liens are not placed on loans. Liens are placed on the property that secures the loan. If a co-signer who does not own the property secured by the loan is sued for default, the lender could obtain a judgment lien and then use it to take any property owned by that party to satisfy the debt.Liens are not placed on loans. Liens are placed on the property that secures the loan. If a co-signer who does not own the property secured by the loan is sued for default, the lender could obtain a judgment lien and then use it to take any property owned by that party to satisfy the debt.Liens are not placed on loans. Liens are placed on the property that secures the loan. If a co-signer who does not own the property secured by the loan is sued for default, the lender could obtain a judgment lien and then use it to take any property owned by that party to satisfy the debt.
Why are premiums placed on new build property?
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