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in California and most other states. The house is held with a note and deed of trust. The note is like a IOU you promise to pay the bank the money you borrowed. The Deed of Trust says if you don't pay you agree to transfer the house back to the Bank. When you get an Loan to buy the house the Bank makes shure that there is no other leins on house. So the bank is first in line. the next lein is call the second and so on. If you don't pay the house is transfered back to the Bank by the Deed of Trust and then sold for what they can get for it. If it sells for more that what is owed then any money would go to the next lein hold. If there is nothing left then the other lein holders get nothing. Most likely you will have to pay it back.
What else can I help you with?
Can credit card debt put a lien on your taxes?
Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.
Can a creditor put a lien on your mortgage over a 2000 dollar unpaid student loan?
Yes. If you owe a creditor money and you have an asset (such as a house), a creditor can put a lien against your asset for any amount, even $1.
If you have a judgment against you in Pennsylvania can you lose your house?
The forced sale of a primary residence is possible by a judgment creditor. However, this seldom happens as the procedure is lengthy and costly, generally the judgment creditor will place a lien on the property thereby encumbering it so that it cannot be refinanced, have the title transferred or sold until the lien is satisfied. Whether or not a valid lien is possible and/or a forced sale of the property is viable depends largely on how the property is titled.
Can a lien for an unsecured loan be filed against a law suit?
A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.
Can a lien be placed on an investment property in fl owned by a person who has not paid off a promissary note?
Yes. The creditor must sue the debtor in court and if they are successful they can request a judgment lien. The lien can be recorded in the land records.Yes. The creditor must sue the debtor in court and if they are successful they can request a judgment lien. The lien can be recorded in the land records.Yes. The creditor must sue the debtor in court and if they are successful they can request a judgment lien. The lien can be recorded in the land records.Yes. The creditor must sue the debtor in court and if they are successful they can request a judgment lien. The lien can be recorded in the land records.
How does a lien on your house by a credit card company effect you?
When you have a lien it shows on your credit rating, this is because money is owed to someone and not paid, also if you want to sell your house the lien would have to be paid off first, it also remains on your credit rating for 7 years.
Can a creditor's lawyer place a lien on a financed vehicle in the state of Texas?
When you signed the contract to finance the vehicle, the creditor put a lien on the vehicle. In the rare event that this was not done, it can be done later in some cases.Also, a creditor can place a lien on an already financedvehicle if there is more equity in the vehicle than the amount of the original loan. Generally, a creditor who obtains a judgment lien against you can arrange to place that lien against any property you own in order to satisfy the lien.
What happens if there is a lien on my house?
It means that you can't sell your house without paying your bills.
Can a creditor put a lien on a co-signer's business?
Yes, if the creditor sues, and the judge rules in his or her favor, a lien can be placed on a co-signer's business.
Can a lien be put on your home when you are on disability?
Yes. Your creditor can seek a judgment lien in court.
Can a creditor place a lien on your property if you and he have agreed to a monthly payment schedule and you are making the payments?
Yes, if you have agreed that the house will be used for collateral.
What is the difference between vacate and satisfaction of a lien?
The difference between vacate and satisfaction of a lien is the way in which it was surrendered. During a vacate of a lien, the creditor is releasing the lien on a loan, usually because of a full repayment. The satisfaction of a lien would be like a repossession for non payment to a creditor.
