Some state laws allow banks to obtain liens on a borrower's personal property after foreclosure, while other states do not. You will have to check the laws of your particular state to know for certain. Even in those states that allow the lien on personal property, though, the lender must jump through several legal hoops before it can actually obtain or enforce the lien on your personal property.
Mortgage Lien
When a bank grants a mortgage loan, the bank takes as collateral a lien on the mortgaged real estate. This mortgage lien is a voluntary lien that you give to the lender in the loan documents that you sign at loan closing. At the time of accepting a mortgage loan, you do not, however, grant the lender a voluntary lien on your personal property. This means the lender must take other steps to compel a lien on your personal property.
Deficiency
In some states, a mortgage lender can foreclose on the mortgaged real estate, and that is the mortgage lender's only legal remedy. Even if the foreclosure sale does not produce enough money to fully pay off the mortgage loan, the borrower walks away without owing any additional money. In other states, however, a lender has a right to sue the borrower for a deficiency remaining after the foreclosure sale. The right to sue for a deficiency is the first step in obtaining a lien against your personal property.
Judgment Lien
In those states that allow it, a mortgage lender can sue for a deficiency after the foreclosure sale. If the lender is successful in that deficiency lawsuit then the lender will obtain a deficiency judgment, or court order, against you. The judgment orders you, the borrower, to pay the deficiency to the lender. State laws provide that a judgment creditor can use the judgment as a lien on personal property belonging to the judgment debtor. The process for doing this varies from one state to the next. Generally, the lender must obtain an additional order to seize or garnish personal property belonging to the debtor. The seizure or garnishment order is an additional order obtained after the lender obtains the deficiency judgment.
Exemptions
Most state laws provide important protections, called exemptions, for a certain amount of personal property belonging to the debtor. This means that a mortgage lender with a deficiency judgment and personal property lien cannot enforce that lien against personal property protected by a state exemption law. Most states provide an exemption for your car, your household furnishings, and your work tools and equipment. Across the board, state exemption laws on personal property are fairly minimal, so if you have a lot of valuable personal property or bank accounts the lender will likely be able to enforce the lien on that excess personal property.
Creditors can garnish your bank accounts - Bankrate
www.bankrate.com/brm/news/bankruptcy/20061114_garnish_bank_account...There are three ways creditors tap into your money; one of them is by draining your bank account, and they can take every dime, warns the Bankruptcy Adviser.
Can a Hospital Put a Lien on Property for Unpaid Medical Bills?
www.ehow.com Money Managing Credit & Debt ManagementA lien is a legal right to a portion of an asset to satisfy a debt. Many creditors can put liens on your home or other property making the title to the property ...
Foreclosure Challenges - Can a Credit Card Lender Put a Lien
ezinearticles.com Real Estate ForeclosuresOct 17, 2009 The question arises if those credit card companies can file a judgment lien against your home, which is your primary residence. Let me explain further, but ...
When Can Someone Put a Lien on My House? (with picture)
www.wisegeek.org/when-can-someone-put-a-lien-on-my-house.htmA person can put a lien on your house if you get behind on mortgage payments, if you don't pay a bill for a contractor like an...
Can they put an unpaid credit card, as a lien on my house? -
answers.yahoo.com/question/index?qid=20100413092813AA2enrfLast updated: Apr 13, 2010 5 posts First post: Apr 13, 2010Apr 13, 2010 Best Answer: The only way that a lien can be attached to personal property is IF the creditor has taken you to court and won a judgment against you. If
Short sale (real estate) - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Short_sale_(real_estate)A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property ...
Can Credit Card Companies Put a Lien on My Property? eHow
www.ehow.com Money Managing Credit & Debt ManagementCan Credit Card Companies Put a Lien on My Property?. If you've run into trouble paying your credit cards on time, you could end up with a judgment against you in ...
FAQs Answers to Frequently Asked Questions
www.auction.com/faqs.phpAuction.com welcomes broker participation! If a cooperating broker commission is offered on a property, the commission will be paid to Brokers/Agents (i) who have ...
Can a credit card company put a lien against your home if you
answers.yahoo.com/question/index?qid=20080219190625AA0XyBsLast updated: Feb 22, 2008 7 posts First post: Feb 20, 2008Feb 20, 2008 Can a credit card company put a lien against your home if you have a mortgage with that company in louisiana?
What happens if there is a lien on your property in canada -
www.easyrate.ca/...is_a_lien_on_your_property_in_canada-qna123371.htmlWhat happens if there is a lien on your property in canada: What to do when canada revenue put a judgement charge on title to my house what does this mean
Stop foreclosure, lower your payments and keep good credit
www.mortgagereliefformula.com/recourseGet the Flash Player to see this content. (...) ... These are all the mortgage walkaway trustee sale states, meaning they are non-judicial foreclosure states.
What is a Lien? (with picture) - wiseGEEK
www.wisegeek.com/what-is-a-lien.htmA lien is a legal claim or hold on a piece of property. A lien can prevent the property from being sold, so it is very important to...
Foreclosure and Eviction Debtor Foreclosure FAQ
www.debtworkout.com/forefaq.htmlForeclosure FAQ - The home mortgage foreclosure process from late payment through default, the auction and eviction. Links to help stop foreclosure.
Levy - Internal Revenue Service
www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/LevyMay 16, 2013 Levy. Espaol. A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for ...
FRAUD, NOT MISTAKES AND ERRORS, HAVE PERMEATED THE FORECLOSURE ...
www.jdsupra.com/legalnews/fraud-not-mistakes-and-errors-have-per-06034you cant trust our national banks mortgage paper trail fraud, not mistakes and errors, have permeated the foreclosure process in america
Filing the UCC1 Form for Personal Property Liens - Big Solutions ...
www.wbsonline.com/.../filing-the-ucc1-form-for-personal-property-liensOne recommended asset protection strategy involves using an operating/holding company business structure. Then, liens are used to secure any extension of credit from ...
YOUR FRIENDS' ACTIVITY - Yahoo! Finance - Business Finance,
finance.yahoo.com/personal-financeSep 02, 2013 Read latest personal finance articles about loans, saving & spending, lifestyle, insurance, taxes, career & education, retirement, and real estate. Try our ...
Foreclosure - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/ForeclosureForeclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by ...
Foreclosure: Can my second lien holder foreclose on my home
www.trulia.com/voices/Foreclosure/can_my_second_lien_holder...can my second lien holder foreclose on my home loan if my first lien is current? Find answers to this and many other questions on Trulia Voices, a community for you ...
Stop Mortgage Foreclosure Mortgage Lien Removal Mortgage
www.1realestatehomes.comStop Mortgage Foreclosure! Mortgage Lien Removal with Administrative Process: Helping home owners remove their foreclosure and remove mortgage liens with due
Boston Real Estate Now - Boston.com
www.boston.com/realestate/news/blogs/renowSep 02, 2013 The latest Boston real estate news, including information on home loans, buying a home, real estate financing and more at Boston.com.
Foreclosure Process - Home Loans by LoanSafe
www.loansafe.org/forumLoanSafe.org is America's 1 mortgage forum. Get free help with your home loan today.
Charlotte NC Foreclosure Homes Bank Owned REO
www.terrymcdonaldrealestate.com/foreclosed-homes-charlotteCharlotte Foreclosure Property-Properties Bank Owned and Short Sales We are foreclosure and short sale experts. Terry sold the largest foreclosure on Lake Wylie
Collect From the Debtor's Property - small_claims_selfhelp
www.courts.ca.gov Ways to Collect From the DebtorOnce you find out about the debtor's assets or property, you can follow the required steps to collect your judgment from those assets. Click on the topic below that ...
0 komentar:
Posting Komentar