Lien
A claim upon property to prevent sale or transfer of that property until a debt is satisfied.
Question: How do you get your mechanics lien once a liened home has been sold? My mom put a lien on a house for improvements made on the house. Now, it has been 10 years later and the house it turns out, has been sold at least twice. Noone contacted my mom about her payment. We know that if the person who filed the lien cannot be contacted, then the house can have a clean title after the amounts of all liens have been placed in a fudiciary account in the name of the person who filed the lien. Who knows how to deal with this. Any help would be appreciated.
Answer: The lien died. Apparently there was not even cash from the first sale to pay this lien. There is nothing she can do about it, the debtor can not be harassed further and she can not place a second lien on the property.
Question: How to write a lien letter to an insurance adjuster? I am partnering with another person to become a funding company. I have an attorney involved, however unfortunately he does not return calls nor does he seem to be giving up the money that we have lend to his clients. This involves people who were in a car accident and filing personal injury claim. I need to know what a lien letter consists of so I can start sending the lien letter to the insurance adjusters directly showing that our funding company has a lien on the claim. Any one out there can lead me to a site that shows what the letter should consist of or can give me examples of how it should read?
Answer: As a former auto adjuster for 10 years, I NEVER RECD A LIEN FROM SOMEONE WHO HAS LOANED MONEY TO ATTORNEY'S CLIENTS.
The only liens received were from medical providers or from the insurance company for payments made on medical bills from an accident.
You need to hire your own personal attorney to handle. I question if what this lawyer has done is truly professional or ethical by loaning money to his clients prior to settling a claim. In many cases, if the client cannot afford to pay the medical bills, the lawyer will make an agreement with the providers to hold off, pending settling the claim and they then become a "lien to any settlement".
But in the 10 years of handling claims, I never wrote a check to a "funding company", but to insurance companies, medical providers/health insurance plus the lawyer and client only.
Talk to a lawyer today that will be representing you and this other person only.
good luck
Question: What do you do when a lien holder refuses to sign off on an auto title after the lien has been paid off? A friend of mine borrowed money from his friend to purchase a car. The loan has now been paid back, but do to some "bad blood" which has developed between the two, the lien holder will not answer any phone calls, and has not signed off on the title nor produced any type of document indicating the lien has been satisfied. My friend would like to sell his vehicle. What does he have to do to get this resolved? THANKS!
Answer: Assuming this agreement is in writing and your friend can prove the vehicle is truly paid off, he can go to civil count and file a law suit..
Question: I have a IRS lien filed against my Real Estate. How long do I have before the property is placed for auction? A lien was recently [July, 2007] placed by the IRS against a piece of Real Estate in New York that is owned by an Estate that I am the Executor of.
How long do I have from the time the lien was placed by the IRS to the time that the IRS forces the property for sale or auction? If the property is forced for sale or auction by the IRS is there some type of redemption period that I have?
The Estate does not want me to sell the Real Estate.
The estate will be able to pay the IRS what it owes within three months. Do I have that much time before the property is placed to auction or sale?
Answer: The IRS will not always force a sale. but as executor of the estate, you are required to settle all debits before the probate court closes the estate; so unless you have cash to settle, you'll have more issues with the probate court for failure to fulfill your job as executor than the IRS.
Sell
If you contact the IRS and advise them you are closing out the estate and need 90 days to pay out the lien, they will gladly accept that.
Question: What power does a mechanics lien have in the process of foreclosure in Illinois? We know what a mechanics lien is, but what kind of power does it have when you are buying a foreclosed house? Can you tell me where to find a book about homes in foreclosure with mechanics liens on them in Illinois?
Answer: A mechanic's lien would work just like any other type of lien on a foreclosed home. You won't be able to buy the home with a clear title until that lien is released.
The mortgage company probably will not extend you a mortgage until that lien is cleared off the title. Lenders want their lien to be first in priority, so all other liens must be gone.
It is really up to the current owner of the property (probably the foreclosing bank) to get the mechanic's lien paid off. But they can do this through the purchase price that you offer them.
If the bank owns the house, but there is a $10,000 mechanic's lien on it, and you offer the bank $120,000 to purchase the home, the bank should take $110,000 for itself and pay off the mechanic's lien.
Hope that helps.
ForeclosureFish
Question: What happens to a tax lien if the property goes on foreclosure? Lets say the owner cannot pay the mortgage and house goes on foreclosure and there is a tax lien on the property. The property is worth less than what is owed, no equity. What happens to the tax lien?
You mean the person that purchases the home is the one paying for the pending lien?
Answer: the law is specific about what are called PRIORITIES in payoffs-
when buying a foreclosure--
a; IRS liens
b; tax liens
c; mortgage liens
in that order
Question: How can I do a lien sale without notifying the previous owner? I have had a car sitting my yard for the past two years. I know the car came from Texas but I can't get ahold of any previous owners in order to properly notify someone of a lien sale...
I currently live in California, how can I go about getting a lien sale on it without notifying previous owners?
Answer: Generally speaking, you don't. Step one is to download the form and get the registered owners name, and legal owner if any. In California that would be the INF 1126, which you can get here: http://www.dmv.ca.gov/forms/inf/inf1126.…
At least 31 days, but no more than 41 days before the sale date, fill out and submit Form 668, Notice of Pending Lien Sale for Vehicle Valued $4,000 or Less.
You must send this form by registered mail to the address on the form.
Anybody, including the owner, can oppose a lien sale. If your lien sale is opposed it will all go to court.
The original owner will then have to pay to release the vehicle, and then sell it to you in the regular way, by transferring the title. Vehicle abandoned in fields or yards are usually not claimed using this method though, most often then are defined as either salvage or junked vehicles.
If the DMV is unable to get you any information, you might try here: http://www.dmv.ca.gov/vr/checklists/no_r…
Lastely, as confusing as it is in California, you might try talking to your friendly local tow company about what the current procedures are. They might even help you get a title. Good luck.
If worse comes to worse and it gets too complicated, report it as abandoned and get it towed off and out of your way at least.
Question: How do I remove a lien on a property that was discharged in a bankruptcy? How do I remove a lien on a property that was discharged in a bankruptcy?
A lien was placed on my property for the amount around 10,000 in 1997 the bankruptcy was filed and discharged in November of 1998, (the lien holder asked for cash and therefore discharged) the company that placed the lien is no longer in business, how or what do I need to do to have this lien removed, and the house is paid off in AZ?
Answer: Well..
To have it removed from your credit reports, complain to the credit report companies and demand that it be removed.
As to the records at the county hall, take a copy of the bankruptcy showing the discharge of the debt and demand in a nice way that they modify the record to show that the lien was discharged.
Question: What does it mean when a lien is placed on your home? I refused to pay because I think fraud is involved. Now the company is taking me to court and is threatening to put a lien on my house. Can they take my house? What can I do? Is a lien so terrible?
Answer: Laws vary from state to state, but most states have home owners protection. So I don't think they will be able to take your house, unless you are on a second mortgage.
What a lien does is prevent you from selling your house without paying off the lien. If you need to sell, the amount of the lien will come off the top. It's referred to as an encumbrance on your deed.
Question: How does a lien against 1 person affect the others on a jointly owned home? Home is owned by 4 siblings. brother lives in it. 3 sisters own thier own homes. 1 sister is being threatened with a lien against her home and the jointly owned home. how will that affect the other 3 owners?
Answer: Lien laws vary from state to state. You cannot have your property taken if you or any of the owners actually live in it. BUT, if the not so smart sister in the family took on a loan against her property and none of the owners in the contract live in the property then the bank can go after of the property unless the lien is satisfied by paying 1/4 of the property value or the amount owed to whom every filed the lien.
Question: How can a blanket lien work - if you are unaware or sold to a customer ? title transfer? How can a blanket lien work - if you are unaware or sold to a customer ? title transfer?
How can a blanket lien work at, let's say...
If you sell a car.
that is covered under a blanket lien and you default on a loan, can the bank then repo the car that you sold to a customer? How can you protect yourself if something is covered under a blanket lien and you are unaware of it?
Answer: I never heard of a "blanket lien". But in the USA, a car cannot (legally) be sold that has any kind of lien on it. The lien holder won't allow it.
Question: What financial obligation does property Tax lien investors have during the 1 year redemption period? After winning the tax lien auction and paying the promised amount + misc fees, what other financial obligation does property Tax lien investors have during the 1 year redemption period if there is an outstanding mortgage on the property?
Answer: words_that_live_on is completely incorrect, and obviously has not ever bought a tax lien.
You have no financial obligation whatsoever on this piece of property. You have now become a lienholder on the property. What this means is that if the current owner of the property wants to transfer ownership (sell) or refinance the property, he/she must pay you off, along with any other lienholders, first.
Nice thing is, if the owner does not pay you off, and the next years taxes are not paid either, you have first dibs on them. If this happens for 3 years, you can petition with the county to own the property. There are a few forms to fill out, some fees to pay, and some time to wait. Also, the lender can go ahead and pay you off so they don't lose their investment.
Don't expect this to happen, though, as it's a pretty long shot to complete this - maybe one in a thousand.
Question: What will happen to a judgment lien on my residential investment property after I file personal bankruptcy? I have a judgment lien on a residential investment property that I own 25% of. This is the only RE that I own. The mortgage on the property is $115k, the lien is $110k and the property is valued at $200k. If I file personal bankruptcy (Chapter 7), will the lien be removed? What if I sell my share to my partners, do they have to pay the full amount of the lien? Does the lien remain with the property even though I sold my share?
Answer: What state are you in?
Question: How to file a lien against a property in Nevada that owes you money and is in foreclosure? I am a manager at a service company, we had a contract with a property in Las Vegas, the property has gone into foreclosure and we need to file a lien so we can get paid for services rendered.
Answer: It depends on the type of services you performed. For certain services performed to the property itself, you can file a mechanics lien on the property through the county recorders office. Otherwise you would have to attain a court judgment against the property before attaching the lien.
And as far as receiving any money, just hope there is enough proceeds from the sale to pay off the loan (first priority) and other creditors and lien holders will typically split the rest.
Question: How will the IRS divide proceeds on the sale of a home if there is lien? I divorced my husband. He did not pay his taxes. We filed jointly for a few years and then I got wise and refused to file jointly. There are liens on the home we own, some liens are in his name only and for the joint filings, are in both names. The proceeds of the home sale will not cover the total lien amount, both joint and separate. My half of the proceeds will more than cover my share of the joint lien. His half of the proceeds will not cover all of the lien amount. Will the IRS view the proceeds from the sale as half mine and half his and take for the liens accordingly, which would give me a little money from the sale?
Answer: The IRS will take their liens first and then if there is anything to be divided they will send you a check although if you can prove your half is sufficient for the tax years involved they may cut you some slack but i highly doubt it .
Question: What if a lien on property does not get resolved by closing of sale to a buyer? Buying a home with a lien on it...Title Company is made aware of lien, even before Title Search is started. If Seller does not pay lien, does Title Insurance protect buyer from having to pay?
Answer: Yes. The title company will make sure it is paid prior to closing or they are liable.
Question: What is the statue of limitation in California for judgement lien? Am I correct to say a judgement lien filed against my home in CA expires after
8 years; But it can be refiled. To do that they have to go back to court .
However, in that case, all other liens filed, will take precedence over their
lien?
Answer: Wow, how many liens do you have against you? They can be renewed at anytime. The court will decide if they are entered by origination date or amount. It really depends on statues in your county.
Question: I have a federal tax lien for unpaid taxes,the statue of limitations runs out in 2011,will the lien be removed I have a federal tax lien and a county tax lien will these automatically be removed when the statue of limitations runs out? Or will the debt still have to be paid to remove the lien?
Answer: How do you know the statute of limitations runs out in 2011. If it is because you owe taxes for tax year 2001 chances are you are wrong. It's not that simple. When the statute actually does expire you will no longer be liable for the tax debt and the lien should eventually self-release. If you are planning to wait out the statute though you are most certainly in for a rude awakening. Your financial life will be a disaster for many years to come unless you make an attempt to resolve this. There is a workable solution for every case. Have you spoken to a real professional yet? Note: I don't mean some worthless salesperson you called from a T.V. ad who had no idea what they were talking about. If you need real info please take a look at my website. I am sure you will find it very informative when it comes to liens and other issues as well.
Christopher R. Jacquez
President, eTaxrelief.com
Question: How do you seek a lien on someones house? I am owed approx. $35k in back owed child support. My case with the DA's office and Child Support Enforcement Agency has been open for about 12 years. They have an address and job info for the non-paying parent, but still cannot collect. I am going crazy. Can I put a lien on the other parent's house? What if he lives in a house but his father's name is on the title? Also, how do I do a search on the title to see whose name is on it?
Answer: The department of child support does the lien, you can not do it yourself.
If the property is in his fathers name it is his fathers house, not his.
You can look up the tax records to see who owns the house, they are public records, kept by the county.
Question: How long does it take to remove a lien from a foreclosed home I am trying to buy? My husband and I are buying a house. We were supposed to close last friday, but they day before a lien showed up on the title. We were supposed to close tomorrow, but now that is not happening. Our agent is saying this Friday. How long would it take this bank to pay off the lien on the title?
Answer: i disagree with my peer; few title firms and agents will accept
any junior liens to stay on a new mortgaged home.
and most lenders will not allow a lien senior to theirs.
i am curious when a preliminary title search was done why this
lien did not show up. I presume you are buying title insurance.
I would recommend requiring all other liens be paid off.
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