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Can a HOA's judgment be filed as lien against the property and at the same time seize assets such as a financed vehicle?
The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.
The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.
The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.
The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.
The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.
The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.
The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.
The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.
What else can I help you with?
Can a bank seize a vehicle belonging to the debtor for money owed on a repossessed vehicle?
Only if the vehicle was used as collateral to secure the loan/debt. If the issue is strictly credit card account default, the bank cannot arbitrarily cease the vehicle. However the bank can file suit against the debtor and if awarded a judgment execute the judgment as a lien against any of the debtor's real or personal property, including a vehicle.
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.
Can a creditor force you to sell your car?
If the creditor wins a lawsuit judgment against the debtor he may be able to execute it against a vehicle belonging to the debtor defendant. States establish vehicle exemption which are to be used to prevent a forced sale by a judgment creditor. Judgment creditors however rarely take such action, as the seizure and sale of a vehicle is complicated and seldom worth the effort needed. Creditors prefer to execute a judgment as wage garnishment, bank account levy or a lien against real property as means to recover debts owed.
If a vehicle is voluntarily turned in to the lienholder and payment is up to date can they put a lien on your house for the balance owing on the vehicle?
If the lender wins a lawsuit and is awarded a judgment, the judgment can be executed as a lien against real property owned by the judgment debtor, including the primary residence. In most states other ways of executing a judgment are, wage garnishment, bank account levy and the seizure and liquidation of non-exempt real or personal property belonging to the debtor.
How does an abstract of judgment affect you?
An abstract of judgment is a document produced by a court that describes the judgment rendered in a case. If you own real property it can be recorded in the land records and will become a lien against your property. You cannot sell or mortgage the property until the judgment lien is paid. Interest will accrue at a statutory rate until then. If the creditor can locate any bank or investment accounts that you own the judgment can be served on the institutions and your accounts will be frozen until the judgment is paid. A sheriff could sieze any personal property you own such as a boat or motor vehicle.
Can the cosigner repossess property other than a vehicle if the primary debtor is not making payments?
No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.
Can your car be repossessed if you have the title in your possession and the bank is not the lien holder?
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.
If you have defaulted on credit cards can they seize the car you own?
Theoretically a creditor/plaintiff can sue, win a judgment and execute the judgment against non-exempt property owned by the debtor/defendant. If the state's vehicle exemption does not give adequate protection against a creditor judgment it could be seized and sold, but that is highly unlikely. Judgment holders prefer to use wage garnishment or bank account levy to recover monies owed, instead of the hassle of taking possession of real property and all the responsibility that goes with it.
Can a co-signer for a vehicle have the prperty taken because the other party has a judgment against them?
Yes, a co-signer for a vehicle can potentially have their property affected by a judgment against the primary borrower. If the primary borrower defaults and the lender seeks repayment through legal means, they may pursue the co-signer for payment. If the co-signer fails to pay and a judgment is obtained, the creditor could potentially place liens on their property or take other legal actions to recover the owed amount. However, this depends on the specific legal circumstances and local laws.
Can amount for vehicle stay on your credit even after vehicle was sold and judgment entered against co-signer?
Yes.Yes.Yes.Yes.
What is the difference in insurance if your vehicle is financed?
No, there is no extra charges on an insurance policy for a financed vehicle. Only difference will arise in the paper works, and it will mention that the vehicle is hypothecated.
Will a credit card company seize your car for unpaid credit card debt?
If a creditor/lender obtains a writ of judgment from the court in the state where the debtor resides, said judgment can be executed against real and personal property belonging to the debtor. In matters of judgments for CC debt in most US states it is possible for the judgment holder to place a lien against a vehicle (depending upon how the vehicle is titled) and request a forced sale. However, even though it is possible it is not in feasible for the judgment creditor to take such action and therefore highly unlikely to occur. The judgment debtor can also, garnish wages, levy bank accounts, seize and liquidate non exempt assets (stocks, bonds, etc.) or place a lien against real property. The judgment debtor should familiarize themselves with what real and personal property is exempted from attachment according to the laws of their state. Generally these exemptions will be the same as are allowed in bankruptcy proceedings.
