Generally the lender will require that the lien be paid off with the proceeds of the loan.
Generally the lender will require that the lien be paid off with the proceeds of the loan.
Generally the lender will require that the lien be paid off with the proceeds of the loan.
Generally the lender will require that the lien be paid off with the proceeds of the loan.
No. Leins are non-transferrable. It is possible to take a cashout refinance of the other property to pay the lien in full however. No. Leins are non-transferrable. It is possible to take a cashout refinance of the other property to pay the lien in full however.
The lien doesn't usually affect after-acquired property unless it's an income tax lien. You cannot mortgage, refinance or sell the property against which the lien was recorded. That is exactly the purpose of recording a lien in the land records.
Do you have a lien on your home? If a lien is placed on your home, you will not be able to refinance to pay back taxes.
Assuming you are talking about an IRS lien, then yes. If you were not liable for the taxes, then the lien should not be on your property. The first thing to determine is whether or not the lien actually attached to your property. If the previous owner of the house owned the house at the time the lien was filed, then the lien probably legally attached to the house. If this is the case, this is something you should take up with the title company that did the title work when you purchased the house. More common is that the IRS filed a lien and the address they had on record was still his old house (your house). Just because the lien had that address on it doesn't mean you have a lien on your house. If the property wasn't his, then it did not legally attach. If a title company still has issues with this (if you are trying to sell your house), you may need to get a Certificate of Non-Attachment from the IRS to show them that it's not attached.
The lender will require that the lien be paid off with proceeds from the refi if the refi is approved. No. A lien encumbers the property and it cannot be sold nor refinanced without being satisfied or settled before any other financial transaction occurs.
A lien is not designed to help a homeowner. It is a contractors way of laying claim to some of the value in your home so that you can not sell it or refinance with out paying off the lien. In addition to the original dept you will be required to pay a lien filing fee (about $100) to clear this.
Yes, a lien can be placed on a house by creditors to secure payment for debts owed. This typically occurs when a homeowner fails to pay bills, such as property taxes or mortgage payments, or in cases of unpaid contractor services. The lien gives the creditor a legal claim to the property, which may affect the homeowner's ability to sell or refinance the house until the debt is resolved.
If the lien is attached to a valid debt, the only recourse the debtor has is to pay the amount of the lien. If the judgment debtor believes the lien to be faulty he or she has the legal right to file suit to have the lien removed from the encumbered property.
Yes, it is possible for someone to put a lien on a house for $900. The dollar amount of the lien is not dependent on the value of the house. However, the specific laws and procedures for placing a lien may vary depending on the jurisdiction.
If the lien is reported to your the 3 credit reporting agencies or even one as a collection it will effect your credit. If the lien is just on your home it will not effect your credit however you will have to pay the lien off when you sell or refinance your property. Also some of these liens have running interest which can be a shock in the future.
Yes, the state of California can place a lien on your house under certain circumstances, such as if you owe back taxes, have unpaid state debts, or are involved in legal judgments. A tax lien may be filed if you fail to pay state income taxes, while a judgment lien can occur if a creditor wins a court case against you. Once a lien is in place, it can affect your ability to sell the property or refinance until the debt is resolved.
It is legally possible in most situations for a lien holder to request the forced sale of a home or property. This rarely happens, generally the lien will remain against the home until the homeowner wants to refinance, sell, transfer or initiate any action concerning the property. Before any transactions can take place all liens must be paid or satisfactoriyl settled. Liens against real property accrue interest making it possible for a small debt to rapidly turn into a large one.