Liens can be placed on a home for credit card debt or unpaid loans.
A judgment lien is created against you in civil court after a creditor successfully sues you for money owed to them. Once you have a lien on your property, it can be impossible to sell it unless you pay off the creditor with the lien. It's therefore to your advantage to sell your home before a lien is placed on your property. Whether or not you can have a lien placed against your real estate in the first place depends on which state you live in and what your state's exemptions are.
Instructions
1. Check your state's homestead exemptions. If you live in a state with unlimited homestead protection -- such as Florida or Texas -- it may be that a judgment creditor won't be able to place a lien on your home at all.
2. Delay the court process as long as possible. To place a lien on your home, a judgment creditor must go through several steps. After it wins a judgment in court, it will ask you to complete a financial statement. Take your time completing the financial statement; you'll be given a few weeks to comply with the court order -- file your financial statement at the last minute. After the creditor has received the financial statement, it will have to apply for an Abstract of Judgment. The Abstract of Judgment is a document the creditor can file with the County Recorder, who will place the lien.
3. Place your home on the market as soon as possible. Be prepared to accept a low offer for your home to move the house quickly.
Related posts
Your parents' home may be lovely, but that does not mean you have to live in it. If you inherit the home of your parents, you can keep the memories it holds, but sell it if you do not plan to live...
You can sell your house in Washington state on your own.People can and do sell their homes in Washington without listing them with real estate brokerages. No special permits or licenses are necess...
Potential buyers love to see spacious master bedrooms that give them a serene, peaceful feeling. Whatever your space looks like now, there are several simple and often inexpensive techniques to im...
What Paperwork Do I Need to Sell My Home?Painting and fixing up are only part of selling a home. You must also advertise the house accurately and provide information to the buyer to disclose any p...
Because it's relatively common for homeowners to sell their homes for an average of $2,000 more for every $1,000 spent to fix it up, sprucing up your homestead before putting it on the market is a...
