0
There is a lien or was a lien on the property and the lien was sold to a 3rd party such as an attorney
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Does a lien on property in AL mean it has to be sold?
No.
Does a lien on property mean it has to be sold in California?
A lien is paid out when the property is sold. It will come out of the proceeds paid to the seller for his recorded lien before a clear title can be issued to the new buyer. Otherwise, it just sits there as a matter of record.However, if the lien is large enough to be worth the trouble of foreclosing on it, the creditor may force the sale of the property to pay the lien.
Can animal control put a lien in the property?
what do you mean by property? But a lien can go in animal control.
Can a house be sold if there is a lien on it?
Not necessarily. A lien is for a debt which is secured by the property. It might be for a loan the owner got, or it might be for work done by a contractor who wasn't paid (mechanic's lien). If the debt is in default, then the property might be subject to being sold to raise money to cover the debt (the property owner would keep any proceeds over the amount of the lien). Or, the lien may simply lie dormant until the owner wants to sell, and hinder the sale until it is satisfied. In Texas, if the home is your Homestead. It cannot be taken from you whether or not you have a lien unless that lien is a Mortgage lien or property tax lien. If it is a Mechanic's Lien, meaning that there was work done on the property and the debt is unpaid, that person may file a lien of the property. In this case, if and only if you are selling the property, must the lien be satisfied. In some cases the person who performed work on the property my sue for the balance which may result in your having to sell the property to satisfy the lien. When you close on the property at a Title Company, all liens are paid before clear title can be transferred. In either of the aforementioned scenarios the lien will be satisfied. In general, the homestead of an individual is safe from any creditor unless it is for mortgage default or for failure to property taxes of any kind which in some cases also includes Home Owner Association dues.
What does it mean when there is going to be a lien placed against your property as a result of being sued by Citibank?
It means the property the lien is against, cannot be sold, refinanced or transferred in any way until the amount owed is paid in full. In theory when a lien is placed against real property a forced sale can be made. However, several states have laws that disallow the forced sale of a homestead. There are also legal remedies a property owner has available to prevent a forced sale.
What does levied mean?
A levy is a seizure of money or property to satisfy a tax debt. A levy is different from a tax lien. A lien is collateral placed on property for a debt. a levy is physically taking the property.
What is a Lian holder?
I think you mean LIEN (not lian) holder. A lien holder is one (an individual or company) which holds the lien to a secured real or personal property.
What does it mean that the mortgage company released the lien on your property?
It means that the lender recorded a notice in the land records that the mortgage has been paid. That notice releases the property from the mortgage lien.
What does release of tax lien mean?
Tax liens are usually placed on property creating an encumbrance on the property. The result is that once the property is sold the profits from the sale must first go to satisfied the lien holder with the balance going to the seller. Generally speaking if a tax lien is released then the property, personal or real is free of any attachments. Tax lien is a public record and all creditors will be notified about the tax debt. If you have a tax lien, you may be not able to make any big purchases. A tax lien may have a negative influence towards your business. Generally, "release a tax lien" = " resolve your tax debt". Of course, a tax lien can be released automatically within ten years if a new tax lien is not filed. For more information of how to release tax lien, you can check the related links.
Who owns the property if there is a lien attached to it?
It can depend but in most cases just because there is a lien on property doesn't mean that the person holding the lien owns the property at least prior to default and foreclosure. There are exceptions, however, and that's where the "lien" is really a transfer of ownership -- there are some states where a mortgage is really a transfer of the property subject to later being transferred back, but you'd need to check in your state whether that's the case.AnswerThe owner of the fee in real estate owns the property subject to the lien until the lien holder takes the necessary steps to foreclose on the lien or size the property pursuant to a judgment.
If you have a lien placed on your house does this mean you can't refinance your mortgage OR buy a new home until that lien is removed?
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.
Does a lien on property mean that a debtor needs to evacuate the property?
If a lien is recorded on a property, the occupant is not forced to move. However, if the owner should decide to either refinance their property or sell it, the debtor would receive the payment of the debt through the proceeds.
