In almost every US state it is possible for a judgment creditor to request a forced sale of property to which a lien has been attached. A definite answer is not possible as there are many factors that could prevent a forced sale of a primary residence. For example, Texas is one state where statutory law forbids the sale of a homestead. Other states do not allow such a sale if it is marital property held as Tenancy By The Entirety and only one spouse is the debtor, and so on and so on.
Yes. If they receive a judgment in the case. They can and do place liens against property. In theory the lien can be used to order a forced sale this seldom happens. Some states have laws barring forced sale of the primary residence, all states have exemptions which usually can protect the property from sale. The preferred method of colelction is garnishment of wages or levying of bank accounts.
Technically a forced sale of property for debt in most states is legally possible, the reality is it is a very occurrance. All states have homestead exemptions which are to be used to protect a primary residence from a forced sale by creditors. It is very important for the homeowner to know if their property is automatically protected by state law or if they are required to file a declaration of homestead with the county property recorder's office. Creditors are extremely reluctant to use a forced sale of a home to collect debt owed. The procedure is complicated, time consuming and seldom garners enough money for repayment of the debt. In addition, most state laws have loopholes that can be used to prevent such action, and a few states have laws that forbid the forced sale of a primary residence by a judgment creditor.
If the realtor sues for the amount owed and wins a judgment then the judgment can be used as a lien against the home even if it is titled in both names. Whether or not the judgment holder could request a forced sale of the property would be determined by the laws of the state in which the property is located based on the way the title to the property is held. The exception to the necessity for a court judgment to place a property lien would be the filing of a Mechanic's Lien.
Yes. If the creditor wins a suit and receives a judgment the judgment can then be executed according to the laws of the state where the debtor resides. The judgment creditor usually has several enforcement options such as wage garnishment or bank account levy or seizure and sale of non exempt assets or lien against real property. In rare cases a lien can be used as a forced sale of a home or other real property belonging to the debtor.
A Lien is a legal document that is used to support the claim that an individual or a company has financial interest in property, whether it's real estate or personal property. If such a claim is valid, the proceeds of a sale must first go toward settling the claims of the lien before any other money is distributed.
Maybe. It depends upon how the property is titled and to whom the judgment is against in relation to how the property is titled, (TBE, JTC, JT, etc.). However, the usual judgment execution would be as a lien against the property not a forced sale. Forced sales of primary residence is possible but is costly and time consuming for the judgment creditor and therefore is rarely used as an option to recover a judgment award.
A lien is possible but it could not be used as a forced sale for recovery of monies owed. The lien would stay valid until paid or the person whom the judgment was against died. The aforementioned does not relate to marital property as Florida law allows and presumes that a married couple holds real property as Tenancy By The Entirety and cannot be attached in any manner when only one spouse is the debtor.
Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.
Unsecured creditors ususually sell accounts to a third party. If the ususual means of collection does not get results (phone calls, letters for payment). a lawsuit may be filed. A judgment can result in wage garnishment, bank account levy, lien against property, liquidation of unexempt property. In some instances a lien against a home can be used to implement a "forced sale" of the property, (this seldom happens). EVERY judgment can be appealed.
If the plaintiff wins the lawsuit they are awarded a judgment. A judgment can be used to garnish the debtor's wages or levy bank accounts, place liens against real property owned by the debtor and other actions depending upon the laws of the state in which the debtor lives. In certain situations a judgment lien holder can petition for a forced sale of real property owned by a debtor. Although the forced sale of a primary residence is difficult and judgment creditors seldom take the action, it is in the majority of US states a possibility.
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.
You may make a purchase offer...usually good for a no. of days...but that's not a lien...till its accepted and signed... which leads to a purchase contract. otherwise,... less you are a debitor on that house ?? consult pro. help A lien is a legal instrument used to encumber real property for debt owed. Liens are obtained by the executing of a lawsuit judgment against the debtor. A Mechanic's Lien is used to collect monies owed for repairs or improvement of property. Such a lien can be filed at the city or county recorder's office without the need of a lawsuit.