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When a creditor wins a judgment in court against a debtor, the court will issue a judgment lien that can be recorded in the land records against the debtor's real property. Once the lien is recorded the property cannot be refinanced or sold until the lien is paid. In the case of multiple liens, they get paid off in the order by which they were recorded. That is important when there is limited equity in the property. The senior lien gets paid first. Junior lienors are often out of luck. Therefore it is important to record a lien as soon as it is issued by the court.
There are other types of liens such as tax liens, mortgages, liens for municipal services and installation of equipment and betterment liens by towns for installation of betterments such as sewer lines, roads and sidewalks.
What else can I help you with?
I have a tax lien with the recorders office and it is not through the IRS how do I find out what this is?
The purpose of recording the lien is to give legal notice to the world that someone has rights/claim against the property...thate person claiming those rights is always identified...or there wouldn't be any reason to do it. The recorders office, and the recordation of the lien, says who. If it isn't the IRS it's likely the State or your local county.
Tax Lien priority in foreclosure?
Well it depends on what type of Tax lien we are talking about. But first rule of thumb, liens have priority based on Irs Tax liens are prioritized like most other liens, by date of recordation. Actually IRS liens can fall further down the list based on when perfected.....but all in all, IRS tax liens do not supercede other legal liens State Tax Liens can superced tax liens depending upon State laws but stilll are subordinate to all other previously filed legal liens. Property Tax liens take priority over all liens, regardless or recordation, perfection, etc. Think of it this way, when you buy property, property taxes are an inherent obligation that attaches as soon as the ink on the deed is dry. There's no attorney on earth that can record a mortgage lien that fast!
Is Illinois a lien or a title theory state?
Indiana is a lien theory state.Indiana is a lien theory state.Indiana is a lien theory state.Indiana is a lien theory state.
Can you have a lien put on someones own home if they owe monies from another job site?
Mechanic's lien- no.Mechanic's lien- no.Mechanic's lien- no.Mechanic's lien- no.
What is the difference between a transfer of lien and release of lien?
A transfer of lien assigns the lien claimant's position in the lien to another party. A release of lien discharges the lien and makes it not appear on a title policy issued for the property.
What is a list of all 50 states' recordation statutes?
Recordation statutes vary by state in the U.S., but generally, they require that certain documents, such as deeds and mortgages, be recorded with the appropriate local government office to provide public notice of property interests. Each state has its own specific laws regarding what must be recorded, the time frame for recording, and the consequences of failing to record. For a comprehensive list of all 50 states’ recordation statutes, one would typically refer to state-specific real estate laws or consult a legal database or resource that compiles this information.
Can a junior lien supersede a senior lien?
A junior lien can supersede a senior lien only if the senior lienor subordinated their lien in writing and recorded in the land records.A junior lien can supersede a senior lien only if the senior lienor subordinated their lien in writing and recorded in the land records.A junior lien can supersede a senior lien only if the senior lienor subordinated their lien in writing and recorded in the land records.A junior lien can supersede a senior lien only if the senior lienor subordinated their lien in writing and recorded in the land records.
What is an involuntary lien against my property?
An involuntary lien would be a judgment lien by a creditor, a lien for unpaid property taxes or income taxes, a demolition lien, a lien for unpaid common expenses or homeowners association dues or a mechanic's lien. Contrast that with a lien you granted in your property such as a mortgage which would be a voluntary lien.
How do you spell lien?
lien
what is this lien for?
what is this tax lien for
IS THERE A LIEN ON IT?
is there a lien on this car
Is an assignee a lien holder?
An assignee of a lien is the new lien holder.
