0
You will have to pay off the lien at the time you sell the home you live in. If you apply for a loan based on the house as collateral, then the lien will be taken into consideration.
I am not sure if your mortgage company is going to recognize the lien as being in first place should you also default on this home, or if there will be other issues with them.
When a lien is filed against your property it affects the title to the property. You cannot sell or refinance the property until the lien is paid. Although the rules are different from state to state a lien can last for a long time if the creditor continues to record the proper extensions in the land records office. Different types of liens have varying periods of effectiveness. Federal tax liens are good for 10 years plus an additional grace period during which the lien can be re-recorded. Attachments and executions are good for six years in Massachusetts and may be re-recorded before the six years has passed. When re-recorded they last another six years.
If the foreclosing lien is junior to the lien in question (it was placed on the property after your lien and you did not sign an agreement allowing it to take a priority position over yours), then it must satisfy (pay off) all other liens that are superior or senior to it. This would include yours.
If the foreclosing lien is senior to yours (such as a first mortgage foreclosing and you have a 2nd mortgage or mechanics lien), then your lien will be stripped from the property and made invalid.
The debt would now be unsecured and you would have to pursue the debtor through other means, such as a lawsuit or collection agency.
Your property cannot be sold or refinanced until the lien is paid. In the case of a judgment lien, income tax lien or lien for property taxes you should be aware that interest accrues rapidly on unpaid amounts due.
Add your answer:
Earn +20 pts
Can you get a lien on your Homesteaded property in Florida?
Yes, you can get a lien on your homesteaded property in Florida. A court will put a lien on the property if money is owed in a judgement.
Can animal control put a lien in the property?
what do you mean by property? But a lien can go in animal control.
Can a subcontractor hire another subcontractor and put a lien on property if second subcontractor is replaced even with a signed contract?
A subcontractor can hire another subcontractor but can only put a lien on the property if the original subcontractor isn't paid. The lien can also be placed if the second subcontractor was not paid because of the original subcontractor was not paid. The replacement of the second subcontractor is not grounds for a lien.
When a customer dies can a lien be put on the estate of the deceased in the state of Maine for work completed on the property?
The lien goes on the property, not the estate. But the estate must resolve the lien when disposing of the property.
What happens if land has outstanding taxes owed on it?
The taxing entity can place a lien on the property or it can be put up for auction at a public sale.
Where can you get a form for putting a utility lien on property?
You can get a form for a court lien from the court in your county. You could also get one from an attorney in order to put a lien on the property.
Can creditors put a lien on a deceased property if there is no will?
The existence of a will has no bearing on whether or not they can place a lien. If they have a legitimate debt and a judgment, or an agreement in the loan regarding a lien, they can place the lien on the property or the estate.
How do you put a lien on a piece of property?
with a rula stupid
Can a lien be put on your property for a tax judgment?
Yes.
Can the police seize my property if I put a lien against it first?
Police seizure is not affected by a lien put on the property by anyone as long as they follow the due course of law.
What happens to the mortgage loan when bought on a tax deed sale who is responsible or will the bank put a lien on the property?
A mortgage IS a lien on the property. The bank already has an interest in the property that was perfected as soon as the mortgage was recorded in the land records. If you purchase property that is subject to a mortgage, the mortgage must be paid or the bank will take possession of the property by foreclosure.
Can you put a lean on someones property if they owe you money?
If you bought the property then you are the owner. You cannot put a lien on your own property. If you need to add more details please use the discussion page.
