lien
Pay Off Lien On Inherited Property
Q: I am co-trustee of my mother’s estate. I was informed by my mom’s mortgage company of the debt, $4,000.00 and that there is a lien on the condominium. I would like to settle the debt but the lender has …
Pay Off Tax Lien Before Selling Property
A homeowner must pay off a tax lien before selling property. The state will place a tax lien on property if the owner has not paid his or her taxes. The homeowner will not be able to sell the property before paying off the tax lien. Contact a real estate attorney for more help with how to pay off a tax lien before selling property.
Neighborhood CC&R Enforced With Lien
Neighborhood CC&R enforced with lien against homeowner not paying for community road repairs. Neighbor refuses to pay for community road repairs, neighborhood CC&R is enforced. Enforce a neighborhood CC&R with a lien against a homeowner refusing to pay for community road repairs. Neighborhood without homeowners’ association still has rights in neighborhood CC&R. CC&R or covenants, conditions and restrictions takes place of homeowners association in neighborhood.
Lien On Property Shouldn’t Be Paid With Retirement Funds
Liens on property must be paid, but make sure you truly owe money on the liens. If you owe money on a lien and want to pay it off quick be careful with removing funds from a retirement fund. Don’t rush paying off a lien if it means dipping into a 401(k). The tax penalties of removing from your 401(k) savings can be harsh. Talk to a real estate agent to find out more about liens on your property.
Back Taxes Owed On Foreclosed Property Might Fall On Buyer
Buying a foreclosed property might include taking ownership of unpaid back taxes. If you buy a foreclosed house with liens or back taxes, you could be held responsible for paying the liens and back taxes upon purchase of the home or property. Buying a short sale should not make a buyer subject to liens or back taxes. Know the difference between a short sale, foreclosed property and an REO property and make sure you research the property to see if the home has any unpaid real estate taxes or liens.
Divorce Short Sale Is Complicated By A Lien
Completing a short sale on your home after a divorce may be complicated in there is a lien on the home. You may be forced to try to do a short sale if your finances have been hit by the divorce or unemployment or medical expenses. If you’re trying to do a short sale because of a divorce, dividing ownership between spouses can be difficult. A lien can be placed on the house for either spouse’s credit problems. A divorce short sale is made even more complicated by a lien on the house.
Short Sale and Real Estate Taxes
Whey you go out and buy real estate, you should make sure you understand the process of buying a home and surround yourself with a competent real estate attorney, real estate agent and mortgage broker or lender. You should do that and more if you decide to move forward and buy a short sale home or even a foreclosed home. Now more than ever, buyers need to use caution before buying a home.
You might not think that you need an attorney for the purchase or title insurance or a real estate broker, but if you don’t know what you are doing, you might pay dearly.
Short Sale Process Halted Due To Tax Lien
A short sale purchase can be derailed by many issues: a lender that refuses to cooperate, a seller that refuses to submit information to his or her lender, a problem with the title to the home, a contractor lien placed on the home, and even a tax lien placed on the home. Some of these issues can be solved by putting some time and effort into resolving them. Others can only be solved with the payment of money. Where you problem will come up in a short sale purchase is unknown, but for this reader, the problem was a tax lien.
Short Sale Process Problems Arise When Contractor Liens Home
Short sales, foreclosures and other purchases of real estate can always lead to problems. One risk in buying a home in foreclosure or from a seller in a short sale is that the seller or the bank owner had work done on the property and the contractor never gets paid. The contractor, in this case a painter, then files a contractor lien on the home and the subsequent buyer may get stuck with the bill.
Contractor’s Liens and Foreclosures
Worried about contractor’s liens? When you buy a foreclosure, check to see if there are any contractor’s liens against the property that have survived the foreclosure. Often, the lender will wipe out all other subordinate liens, including contractor’s liens, in the foreclosure process. But in some cases, those liens may still exist and be valid. If you suspect there might be other liens that will be filed against the property even after you close, be sure to purchase a title insurance policy with coverage over contractor’s liens. You will want to have this insurance in place to have a title company cover the costs of litigation and the costs to remove the contractor’s liens with the purchase of the title insurance even if you bought the property after a foreclosure.
