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Liens
The right of a creditor to sell collateral property when a debtor defaults on their loan
2,139 Questions
Yes, they can. Sometimes, it is written in your contract you signed that you have given them permission to take payment from your accounts if you aren't paying. Otherwise they have to get a judgement. I believe that the levy will not be released until the account has been paid or you make solid arrangements with the lender.
Does the city own 10 feet of the property on personal residence in Ca?
Municipalities always own the first 10 feet of land from the street curb towards your property. However, you are responsible for maintaining it at your own cost. Sound fair?!
Municipalities always own the first 10 feet of land from the street curb towards your property. However, you are responsible for maintaining it at your own cost. Sound fair?!
Is a subordination agreement a mortgage or a lien?
A subordination agreement is usually used to gain consent from one lien holder to take a junior position to another lien holder. It isn't by itself a mortgage or a lien.
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.
Can a lien be placed on a house for voluntary repossession the state of Texas?
There are no legal differences between the borrower voluntarily relinquishing a vehicle or the lender having to initiate repossession action (with perhaps the exception of additional monetary charges).
If an outstanding balance remains on the original loan amount after the vehicle is sold at public auction the lender can file suit to gain a judgment against the borrower for the amount still owed. If a judgment is awarded the judgment creditor may execute it according to the laws of the state. This being the case it is possible for a judgment holder to place a lien against real property owned by the judgment debtor.
If you need to refinance to consolidate high interest credit card debt, reduce payments, etc..you should consider refinancing to pay off the lien in the refinance. If the interest on the lien is ridiculous, refinancing may be a good idea. If you can handle the lien with all of your other expenses, then continue to pay as you are. The refinance process generally takes 21 days total with my company. If you would like a free, no-obligation assessment of your situation, Answer To clarify: We purchased the house 2 years ago for $64,000, and it is worth $80-90,000 now. We financed 100% and have 2 loans, one for $50,000 ARM which just went up to 8.99%. It is LIBOR+6.375, so it's pretty much always going to be terrible. The other for $11.500, @11.25% fixed, 15 years. We got these sucky interest rates because I financed under my name only, and my name had 2 cars with short payment history, no home-buying history, and 3 overextended credit cards, and we did non-income disclosure because my debt-income was like 85%. Obviously we need to refinance at some point. I was looking at rates last night, and at a "high" rate with no points (6.25% fixed) I could refinance for $75,000, still have 20% equity in the home, pay off the lien, still have money to remodel or save, AND my house payment would be nearly $150 lower. We fell behind last year on our HOA and the lien is $2000. However, the credit cards are in better shape, I now have 5 years of payment history on 2 cars, and they have both been paid off in the past 4 months. I also have the good payment history on the 2 house loans. We are starting to pay on the lien. Since I've lowered my debt-income ratio significantly, AND due to the raise in home prices, I'm confident that I can get interest rates lower than the ones I have. Significantly lower. Right? In addition, if we maintained 20% equity in the home, that also lowers the risk for the bank, and therefore our rate. Right? Which scenario sounds better at this point? Pay the lien off over a year's time, paying $150 extra on the house each month, then refinance, or.. Refinance, SAVE the extra $150 AND the money I would be paying on the lien, and use some of the "cash out" to pay down CCs even further? Is the lien going to negatively affect the refinancing process, and how much? Will it affect our chances for approval, our interest rate? Thanks for your help. And BTW your number has been disconnected.
Under what circumstances can a judge set aside a homestead exemption?
If the property is not used as a primary residence of the debtor, if the property has not been properly registered by a declaration of homestead and in rare cases if the titling of the property is 'faulty'. There can be other instances where the homestead exemption cannot be used to protect property depending upon the exact circumstances of the attempted execution of the perfected lien.
Can a finance company charge off an auto loan and still repo it?
The steps that are taken when an Auto loan becomes delinquent are as follows.
- Your lien / title holder company ie. "GMAC, Ford Motor Credit ext" ( From hear and on will be referred to as creditor) sends you your statement say $300.00. You then fail to make payment after approximately 10 days, "maybe less maybe more" will contact you by phone to enquire about the status of your now delinquent payment. "Has it been mailed out, what was the postage date, did you include the late charge (if applicable) ext." If the answer is no then the conversation will shift into "When do you plan to send payment, please include the late fee (if applicable) some creditors may be willing to take a half now and a half next week payment plan depending upon your history and circumstances. The bottom line is they want to get paid according the loan agreement and the first offence will most likely be soft served. The creditor's (CSR)customer service rep just needs a commitment to a date of payment that is all he or she is not a collector.
- So you provide a date (10/12/2007) and a payment amount of only $300.00 because the CSR waves the late fee. Well October 12th comes and goes and you once again fail to send payment and or to contact your creditor with an extension request and explanation. This is when the follow up letter arrives on 10/20/2007 addressing the October 12th agreement. The letter informs you of the number of days you are late and that the late fee has now been applied along with next months payment a new balance of $675.00 is due. The creditor will also include an expected payment date that will most likely be your billing date for November. "Lets say November 1st.
- After reviewing the new balance and experiencing whatever distressing emotions that follow, you fail to pay again. In the back ground your creditor starts to put things in to motion and you account is placed into there collections department. This type of collection is internal and in most cases there sole purpose is to get you back on track with your payments. They will first contact you by phone and try to find out why you are having trouble paying. As long as you have a legitimate reason ie, "the car has been in the shop with a recurring issue" any thing else is subject to heavy scrutiny. (Know this there state lemon laws and a federal lemon law that may protect you and your creditor if and when chronic repair issues with long time lines to identify and solve arise. This will detour your creditor from aggressively perusing your delinquent payments and in some cases they will forward the over due balance to the end of the loan term. So save all your repair documentation receipts in a safe place.
- So let's say you provide a legitimate explanation that the vehicle is in the shop. Your creditor forwards the $675.00 to the end of your loan extending the payment period by 2month and waves the late fee again. You soon receive a letter stating the forwarded amount and the extended term. The letter also requests your signature agreeing to the new loan term and proof of the chronic repair issue. You sign the agreement only you fail to keep all your receipts and are unable to provide a proper time line. Your creditor may or may not over look the minor gaps in the service time line. Let's remain positive say they over look the lack of receipts and solid time line. Your creditor forwards the delinquent amount and then you receive a statement in the mail on December 1st for $300.00.
- Again you fail to pay. Now 90 days have passed with no payment to your creditor and your records of the "alleged" chronic repair are slim to none. Your creditor now becomes a predator and the gloves come off. Aggressive collections calls come from the creditor's internal collections department and they are demanding payment in full or they will move to reposes your vehicle. The next letter from your creditor states this tragic news with a 10 day dead line. At this point your creditor will still be willing to negotiate a payment plan. Remember they want the MONEY not the vehicle that lost $5000.00 in value the moment it let the dealers' lot. But to keep this blog from going on for ever you don't agree to any payment arrangements.
- You have two options that come with the same credit penalty. Reposition or voluntary reposition. Uninformed people who are ignorant to credit reporting and scoring and the auto reposition industry will tell you to take the lesser of two evils and do a voluntary reposition. This is a common misconception. Understand that reposition is reposition it is scored equally on your credit and carry the same decretory penalties with time lines of seven years or more depending upon your state of residents. When the word "reposition" is lead with the word "voluntary" it only benefits the driver of the wrecker who picks up your vehicle. You creditor will post a status in there request to cease your vehicle as in-voluntary or voluntary. In the event of your creditor posting an in-voluntary status to the reposition summons the towing company may seek aid from your local law informant agency when picking up your vehicle. If the status is voluntary the wrecker will show up sometime some day at the location you disclosed to your creditor and pick up your vehicle. At this point your vehicle is taken straight to auction. It is your responsibility to request the balance due after auction from your creditor.
- Say the purchase price was $21,905.89 you made 4 payments totaling $1,200.00. "We will leave interest out for simplicity." At the end of the 90 days you wracked up a past due balance of $1,125.00 this includes all three $75.00 late fees. Your payment received against purchase price becomes $75.00 leaving your pay off balance at $21,830.89 before auction. I will give you the benefit of the doubt again and we will say the vehicle auctions for $8,100.00. As your creditor I originally cut a deal with you that would benefit me to the tune of $21905.89 plus an interest rate at say 5.5% totaling $12,047.75. This brings the total investment your creditor made in you to $33,953.64 at the end of you loan term. I will assume you financed your vehicle with the auto maker's bank. The dealer had, say maybe $16,905.89 wrapped up in the actual price of the vehicle when it arrived on the lot. Your loan agreement stood to make your creditor the automaker "because you used there bank" a profit of $17,047.75. Instead the deal went sour and the vehicle auctioned for $8,100.00 and the creditor is left with a profit of $8,947.75 this leaves your creditor with a negative balance of -$25,005.89 "this includes interest and late fees witch you are still responsible for.
- On the other hand your creditor has a tax burden and is obligated by federal law to address it with in six months of the first delinquency payment. The term used to describe, what becomes a tax credit to your creditor is called "Charge-off." In the case of a reposed vehicle your creditor will post the following to one or all four credit burros "depending on your state of residents." "Charge-off" (profit or loss) consumer account status reposition / voluntary
- Depending on your state of residents. This will stay on you credit report for a minimum of seven years in accord with the Fair Credit Reporting Act.
- At this point your creditor has no use for the account and it gets farmed out to clearing houses that rotate the negative account through hundreds of scavenger collectors. This is where the BIG emotional problems start. Those of us how are ignorant and uninformed or don't have time to read the Fair Debit Collections Practices Act and have lawyer it could spell financial and or legal disaster.
Can a towing company place a lien on a vehicle that still has a police hold?
No it actually cannot happen because there is 3 things there and it cannot be the 4th one However i do not know at all so i need a lil help please!
Can you stop the sale of your house if you find out you have liens?
Definitely.
If the buyer change his/ her decisions or suddenly vanish, one can make an application to the court to cancel the sales contract. The liens will still exist unless you terminate the lien contract by notifying the other party to the contract. Any forms of notification is accepted as long as it is expressively stated in the contract.
If you have any further questions, you may contact a lawyer for contract examination
Can a collection agency put a lien on your bank account if it is joint owned with your husband?
Only if the account contains money that's exempt, examples of exemptions from garnishment under the law are:
1. Head of family wages.
a. I provide more than one-half of the support for a child or other dependent and have net earnings of $500 or less per week.
b. I provide more than one-half of the support for a child or other dependent, have net earnings of more than $500 per week, but have not agreed in writing to have my wages garnished.
2. Social Security benefits.
3. Supplemental Security Income benefits.
4. Public assistance (welfare).
5. Workers' Compensation.
6. Unemployment Compensation.
7. Veterans' benefits.
8. Retirement or profit-sharing benefits or pension money.
9. Life insurance benefits or cash surrender value of a life insurance policy or proceeds of annuity contract.
10. Disability income benefits.
11. Prepaid College Trust Fund or Medical Savings Account.
12. Other exemptions as provided by law.
If your father transferred his property to himself and his partner as joint tenants with the right of survivorship prior to his death the property automatically passed to her when he died. It would not be part of his estate. He had the right to do what he wanted with his property. You would have no basis for seeking a lien from any court. You would need to bring a lawsuit and prove he lacked legal capacity when he executed the deed. The legal costs would be expensive.
You should consult with an attorney who can review your situation and explain your options.
If your father transferred his property to himself and his partner as joint tenants with the right of survivorship prior to his death the property automatically passed to her when he died. It would not be part of his estate. He had the right to do what he wanted with his property. You would have no basis for seeking a lien from any court. You would need to bring a lawsuit and prove he lacked legal capacity when he executed the deed. The legal costs would be expensive.
You should consult with an attorney who can review your situation and explain your options.
If your father transferred his property to himself and his partner as joint tenants with the right of survivorship prior to his death the property automatically passed to her when he died. It would not be part of his estate. He had the right to do what he wanted with his property. You would have no basis for seeking a lien from any court. You would need to bring a lawsuit and prove he lacked legal capacity when he executed the deed. The legal costs would be expensive.
You should consult with an attorney who can review your situation and explain your options.
If your father transferred his property to himself and his partner as joint tenants with the right of survivorship prior to his death the property automatically passed to her when he died. It would not be part of his estate. He had the right to do what he wanted with his property. You would have no basis for seeking a lien from any court. You would need to bring a lawsuit and prove he lacked legal capacity when he executed the deed. The legal costs would be expensive.
You should consult with an attorney who can review your situation and explain your options.
Can an association rent a property after putting a lien on it?
When an association owns a property, it can rent the property. In this case, the association probably doesn't own the property, else why has a lien been filed.
The property owner's title is clouded by the lien, and the property is still owned by the owner.
The association may want to work with the owner to rent the property, to produce an income stream. The final decision, however, remains with the property owner.
When a lien is filed on a property in Oregon can you contest it?
The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.
The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.
The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.
The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.
The Uniform Commercial Code in every state requires only the lender to sell "in a commercially reasonable manner". That's all. There is where the conflict arises on the selling price. A debtor who buys a car for $5000.00 more than it is worth is often heartbroken when s/he still owes $8000.00 after it is sold at auction to a WHOLESALER.
Can a debt collector place a lien on your property without your knowledge?
i paid taxes on a property. i want to know how to place a lien on that property for the amount paid.
Family member owes you 5000.00 dollars-can you put a lien on his home?
You can put a lien on any property of his you can find anywhere, if local court rules permit it.
Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.
How do you get a vendor to sign over a vendors lien so you can refinance?
A "vender's lien" is a mortgage in favor of the person who sold the property to you.
- You must pay the lien.
- You must get the creditor to agree to subordinate their lien to your new mortgage.
Where do you look to see if a lien has been filed against your real property?
You can visit the land records office in your jurisdiction and check your name in the grantor index. The staff will assist you. If you need to go further back than your ownership you may need a professional title examination performed.
Responsiblity for the mailbox key fees is tenant or landlord?
My question pertains to whether or not it is the landlords responsibility to provide a mailbox key (or re-key) of the mailbox, if the previous tenant didn't turn it back. That's an extra expense that I do not believe I should incur.
How do you lien a construction job in Florida?
If you are not contracted directly with the owner(s) then you must serve the owner(s), lender(s) and primary contractor a Notice to Owner within 45 days from your first day of work (or delivery). If notice is mailed (certified return receipt) then it must be postmarked no later than 40 days after your first day of work. If there is a payment bond for the job then a Notice to Contractor is used instead and served to the primary contractor and surety(s) within the same deadlines. Those contracted directly with the owner do not have any preliminary lien notice requirements.
A Claim of Lien must be filed with the Clerk of Court in the county in which the property is located. The deadline for recording a lien is 90 days from the last day of contractual work - punch or repair work does not qualify as contractual work. Copies of the recorded lien must be served on the same principals as the preliminary notices within 15 days of recording the lien.
Failure to meet the notice or deadline requirements can result in retaliatory lawsuits or a lien that cannot be enforced or defended in court. You can only lien for the amount of unpaid work performed. An error in the lien amount, even if not intentional, can constitute fraud.
You cannot lien municipal property or property for which there is a payment bond. Instead you send a Notice of Non-Payment and ultimately sue the bond for payment.
If you are not familiar with the procedures there are companies that provide lien services.
What does it mean when someone puts a lien on your home in California?
It means that you owe someone money, they have obtained a judgment against you and you will not be able to sell or refinance your property until the lien is paid and a discharge is recorded.
A finance company can seize any property put up as collateral for a loan when you are in default.
