A Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic’s lien (for work done by a contractor on the property that has not been paid for). Learn more here about different kinds of liens.
Because lenders have the right to place a lien on any investment property you own, it’s important to act quickly or risk losing the property altogether. Q: A bank foreclosed on a property I owned with a business partner. The bank sold the property but the proceeds from the sale weren’t enough to cover the [...]
While Chapter 7 bankruptcy clears your obligations to pay debts that you owe, it won't clear a lien your lender has on your property. Q: I went through Chapter 7 discharge but the bank will not release the lien on my home. What can I do? A: There is at least one thing that you [...]
Finished paying off your mortgage? Below is a list of documents you should receive from your lender after paying off your mortgage. Q: My husband and I love to read your articles in the Home section of our local paper. We are close to paying off our home mortgage and would like to know the [...]
If you fail to make payments on an auto loan it's possible for the auto lender to try to recover the money you owe on the car in other ways. The bank can put a lien on your home if you owe them money for another debt such as an auto loan. The lien remains on the home until you repay the auto loan debt and the lien will have to be dealt with when you sell the home. Both the bank and the mortgage lender will have to be repaid for the home sale to go through.
What's the effect of a foreclosure on a property lien? If you have a lien on a property and the bank forecloses do you lose your claim to that property? It depends on your state's laws regarding liens and foreclosure. The mortgage lender also has a lien on the property and once the property is sold you may lose your lien, even if a court issued a judgment in your favor.
This week on the Ilyce Glink Show, Ilyce talked about taxes and tax changes for 2008. She also ran down the numbers that defined 2008 economically. She took questions on how to get an income tax lien removed (taxes had been paid on time), how to prevent a bonus from being taxed at 42 percent, what to offer a new house that has been on the market for a year, how credit is affected by divorce and how to counter that, moving an annuity into a 401(k), whether now is the time to change stock market allocations, purchasing a multi-unit building as a first home, refinancing and purchasing foreclosures. For answers to these questions, listen to the show. You can download the podcast here or at iTunes.com. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog . Sign up for Ilyce's free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. Subscribe to her YouTube channel: www.youtube.com/expertrealestatetips and friend her to be notified about new videos.
Can a creditor put a lien on your house or property if you're in jail? If a creditor is able to get a judgment against a debtor, the creditor can go after assets owned by the debtor: bank accounts, cars and real estate. Whether you're incarcerated does not matter, but most states have time limits for creditors to pursue judgments against debtors.
The U.S. Internal Revenue Service just announced that it will allow homeowners to apply to make their mortgage loan the primary lien against their hom...
A divorced woman wants to make sure the property she's buying from her ex-husband does not have any outstanding liens. Liens may include mortgage loans and home equity lines of credit or HELOCs. An attorney can also help sort out whether there are any outstanding liens and ensure that the title is free and clear of liens.