0
A judgment is a decision made by the courts in a civil suit. A successful plaintiff must enforce and collect upon the judgment. If the defendant doesn't voluntarily pay the judgment, the plaintiff can request a judgement lien.
The judgment lien must be appropriately filed in order for the creditor to secure their position to collect the debt. It can be: served on a bank to freeze a bank account; recorded in the land records to seize real property; used by the sheriff to seize personal property; etc.
A judgment lien is a TYPE of involuntary lien. There are many different types of voluntary and involuntary liens such as: mortgages; income tax liens; property tax liens; liens for municipal services; mechanic's liens; child support liens; and, judgment liens.
Add your answer:
Earn +20 pts
What type of lien does not have to be recorded to be valid?
Real estate tax lien
How long lien stay on property in michigan?
It's permanent because there is a judgement. The only way around it is if you can bk it, get it discharged then there is a form to have the judgement/lien thrown out.
What is the difference between vacate and satisfaction of a lien?
The difference between vacate and satisfaction of a lien is the way in which it was surrendered. During a vacate of a lien, the creditor is releasing the lien on a loan, usually because of a full repayment. The satisfaction of a lien would be like a repossession for non payment to a creditor.
What is the Difference between a mechanic's lien and an artisan's lien?
Artisans lien is against personal property and is possessory. Mechanic's lien relates to real property.
How do you fight unlawful tax lien?
First off, make sure the judgement for the lien is signed by the judge.
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.
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 difference between general lien and perfect lien?
The general lien refers to any type of security while a perfect lien refers to a specific type of security.
What is difference between attachment and lien?
There are many types of liens. An attachment is a type of lien generated by a court during the course of a lawsuit.
What is the statute of limitations for a lien on a house in CA What is it in Nevada?
While many states impose statutes of limitation (SOLs) on judgement liens, judgement liens can often be renewed multiple times. In CA the basic lien term is 10 years but in California's judgement lien statute, judgement liens are indefinitely renewable every 10 years after their initial creation. In Nevada the lien will remain attached to the debtor's property (even if the property changes hands) for six years. I am not aware if or how liens may be renewed in Nevada but it is likely that they can.
If there is a lien placed on your home does the court need to notify you?
You should receive a copy of the judgement.
What is the difference between transfer of lien and release of lien?
Release is just that -- No other party has interest or claim to property vs. Transfer which just changes the name of the lien holder and does not Release. hope this helps
