Question by : Is a property judgment the same thing as lien against your home? I have a debt which I am unable to pay. I am now living on my social security disability income. The creditor has advised me if I do not pay off the loan of $ 1000, they will secure a property judgment. Is a property judgment the same thing as a lien? Best answer for Is a property judgment the same thing as lien against your home?:
Answer by lightupthesky25
The judgement simply means that you owe the money. If you don't pay it, then if your state allows it, the person who holds the judgement can garnish your wages or place a lien against your home. If you don't pay, you won't lose your home (unless the judgement is of a type that allows the creditor to foreclose - only ever seen the lender and HOAs able to do this). The only thing that will happen is that if you try to sell the home, that judgement MUST be paid before you close (this is how the creditor ensures that s/he will be paid eventually). If you choose to sell, it may be possible to have the judgement paid out of your profit at closing.
Answer by ca_surveyor
Starting from scratch, the creditor must first sue you in court to establish the debt and obtain a judgement. Next the creditor must identify your assets. To do this YOU can be subpoena'd into court and questioned by the creditor before the judge. Once ANY asset is identified, be it a bank account, personal property (car, boat, etc..) or real property, the Court, at the request of the Creditor may authorize a siezure of the property for eventual sale with the proceeds applied against the debt. Cash assests are simply siezed (accounts) or garnished (wages). (Wage garnishment is usually limited to around 50% of the paycheck). This process continues until the amount of the debt as determined by the court, plus any court charges (legal fees) are paid. Real property is a little different. It is unlikely that your property would be sold for a $ 1,000 debt but a lien would be placed against it. This means that if you sold your home, the amount of the judgement, plus the fees, plus interest which is usually 7% would be collected from the proceeds and paid to the creditor. Unlikely does not mean it won't happen. So don't hang your hat on that. Your best bet is to contact them. First off see if they will wipe out some of the debt in exchange for a quick payment in full... if not then work out a payment scheme that will allow you to make small payments on a regular schedule. Once you get that inplace stick to it since there are seldom second chances. This will get your debt paid and restore some of your credit rating.. It will also stop their calls and letters. good luck to you. .
Answer by Benjamin Lindsay
consult a lawyer
Answer by Arron Rivers
A judgment is a court finding against you. It must be obtained before the lender can lien anything. A lien is a claim or "hold" on the property title.
Answer by Graham Delacruz
they are not same...
Learn about loan modifications and why they are predicting over 12 Million homeowners will do one this year.
http://leafgardenpress.com/ Loan Modifications, Loan Mods, Stop Foreclosure, Save your home, Forebearance, Deed in lieu
The new scheme will let homeowners borrow up to £10000 to insulate their homes - at a 7.5% interest rate. These loans will be available to consumers this autumn. The loan would be secured against your property - and you'd repay it as part of your ... Homeowners will be able to borrow up to £10000 for home insulation
You may need finance but do not have any left. How will you tackle this situation? Apply for secured personal loans. These are finances that will simply secure your personal necessities.
Secured personal loans can be used for buying an awesome car, paying off your bills and so on. You can apply for this credit if you have any belonging to place as collateral. It just means that the borrower has to place any kind of belonging as collateral against the credit amount that the borrower wants.
They can be availed by the unemployed individuals as well fast personal loans for unemployed.
The lender here grants you a considerably large sum of funds for your personal needs. With Secured Personal Loans you can easily fund your long term needs. the lender grants you these advances easily after acceptance as you place some form of property and so he has safe guarded his risk with you property. You are therefore charged a low rate of interest in this form of advance.
The repayment period can be extended, but every time you extend the period, you will be charged an additional fee.
The application procedure is fast as compared to any other form of credit. Even if you have a poor credit history, you can still apply for these finances. It will help you to improve your credit status. These advances will help you pay off all your debts through debt consolidation loans. You just have to assure the lender of your repaying ability of your credit worthiness.
Secured Personal Loans can also be applied online. The process is very easy and simple. You just have to fill in an online compliance form with some of your individual details. Once the application is verified by the lender, he will approve it. As soon as the application is approved, the money will be directly transferred into your bank account.
Related Secured Personal Loans - Secured Against Your Property! Articles
