Judgment is what type of lien - kzh

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Otherwise, subordination can sometimes occur when one party agrees to lower their claim from a first priority to a second priority. The exception is property tax liens. These always get settled first before the turn of any other lienor. Lienor refers to the party holding the lien.

The owner of the property is referred to as lienee. As you might suspect, this concerns the right of the government to collect taxes from owners of real estate. At the start of each tax year, such a tax lien is placed on all taxable property. And only removed after the payable taxes are paid. If the liable taxes are not paid, the government reserves the power to enforce the selling of the property in question so as to collect the taxes long overdue.

This law allows any contracted third party who has contributed to the improvement of the property the right to place a lien if payment has not been paid.

Third parties who often enforce this right include contractors, builders, material suppliers, surveyors, engineers, architects, etc. The legal theory behind this is that materials, labor, and expertise provided enhances property value. For this key reason, the house should rightly be a security for payment.

Otherwise, it is not fair to put so much burden of potential risks on the shoulders of these third parties. In the absence of payment, this lien can be enforced with a court-supervised sale via foreclosure. This means that if an individual is liable to pay monetary damages, the law permits a hold to be placed on his personal property until the judgment is paid off.

In most practices, the lien is only placed on properties in the country where the judgment was made. However, there are cases where creditors have extended it to properties in other countries. This is done by filing a notice of lien in each of the countries identified by the claimant. If after all these, the debtor does not voluntarily repay the awarded damages. It gets a little more messy. A creditor can then request the issue of a writ of execution from the court. When mortgages are granted for purchase of a house, or when a home equity loan is taken against a property, a lender can place such a lien on it.

Basically, this can apply to almost any type of loans or credit facilities whereby the property is used as security. Should the proceeds collected from a sale is insufficient to fully cover the amount owed, the creditor can then petition the court for the balance due via a judgment lien. Liens can be either voluntary or involuntary. In many states, a custodial parent can obtain a lien on your property to secure past due, court-ordered, child support payments. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site.

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Lawyer Directory. Speak With a Bankruptcy Attorney Today at Types of Liens. Learn about the different types of liens: voluntary, nonconsensual, statutory, and judicial. Here's a primer on the types of liens you may encounter. Voluntary Liens A voluntary lien is created when you agree to give a lender, such as a mortgage or car loan lender, an interest in your property to serve as security for a loan. Non-Consensual Liens Like voluntary liens, a non-consensual lien is an interest in your property that is granted to a creditor to secure a debt you owe.

Statutory Liens Statutory liens can be created by federal or state laws. Tax Liens Federal and state governments have laws that grant taxing authorities liens on your property to secure unpaid taxes. Mechanic's Liens Most states have some form of mechanic lien statute. Condominium Association Liens Condo liens are often considered to be statutory liens but this varies by state. Landlord Liens Many states provide landlord liens to allow the landlord to recover unpaid rent.

Judicial Liens Judicial liens result from some form of court action. Judgment Liens All states provide for judgment liens. Garnishment or Attachment Liens This type of lien attaches to your money or property held by anyone who is served with a garnishment or attachment order.

Child Support Liens In many states, a custodial parent can obtain a lien on your property to secure past due, court-ordered, child support payments. Talk to a Bankruptcy Lawyer Need professional help?

Start here. Practice Area Please select Bankruptcy Debt Settlement Foreclosure. Creditors typically acquire property liens through your voluntary consent. On the other hand, creditors get judgment liens as a result of a lawsuit against you for a debt that you owe. When you take out a loan to buy a house, for example, you sign a contract called a " promissory note " promising to repay that debt. Because the amount of money you borrow is so large, the creditor requires something to help minimize the financial risk it takes when it lends you this money.

The creditor accomplishes this by making the offer to finance the property's purchase conditional on you giving it a lien on that property. To provide the creditor with a lien, most borrowers sign a mortgage or deed of trust.

Once the creditor has a lien and you default on the terms of the agreement—for example, you don't make the mortgage payments—the creditor may take action to foreclose on the property you pledged as a security interest. State law typically requires the creditor to "perfect" the property lien by recording it, usually in the county records. The purpose behind this recording requirement is twofold: it gives other parties of interest notice of the lien, and it establishes a catalog of liens in case a party contests a lien's validity.

The creditor must remove the lien once you pay the corresponding debt in full. A creditor obtains a judgment lien by winning a lawsuit against you. While creditors have numerous options to collect on a debt , creditors often use judgment liens as the primary way to ensure you actually pay the debt off. The creditor first obtains a judgment against you. The creditor then usually records the lien in the county where you or the property resides and attaches the judgment as proof of the creditor's entitlement to the lien.

Generally, you'll need to get the lien removed or released before you can sell or transfer the property. If you pay off the underlying debt, the creditor will agree to release the lien.

The creditor then files this release with the same authority with which it recorded the original lien. Once the creditor releases the lien, you may sell, trade, or otherwise transfer the property as you please.

If a creditor puts a lien on your property, you may make an offer to settle the amount for less than you owe. As part of the negotiations, get the creditor to agree to release the lien.