 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Hello S:
They'll get what there is, and you'll still owe the balance. The question after an event like you describe is, is it collectible. I think it is. If they have a judgment, it would still follow you. If the lien is due to a settlement, then look to the settlement agreement. If you violate the agreement, they'll probably sue you and GET a judgment. There are a lot of details you left out that would be helpful. Without more info, that's all I got. excon |
||||
|
||||
|
When a house is sold, all lienholders are paid off in the order that their liens are filed. The mortgage lender usually holds a primary lien. If you have a secondary mortgage or home equity loan, that usually takes second place. After that come liens filed due to judgements.
The title company should notify all parties that have a lien about the sale. Each party would then have a representative at the closing. You would then sit there signing checks from the proceeds of the sale to pay off all the liens. If there isn't enough to cover all the liens, then you walk out of the closing with your pockets empty and still owing the balance. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
I want to know how can I file a lien on some real estate that I was a parter in but they sold it and did not pay me
A friend of mine flipping houses. She is running low on cash and does not have enough credit to help. She is asking to borrow money from me to help them finish the house so they can sell it. In return I am being offered a great return on my money when they sell. However, I still need to protect...
My sister and I are the beneficiaries of our mothers will. She died when I was 17 and left my sister and I half of her estate, and named her doctor as the executor. I am now 22 and my sister is 20 (21 next month). We all agreed (verbally) to sell the family house to our father for $125k. He...
Hello, I have a condo. My neighbor upstairs flooded my and does not want to pay for the water damages. If I take him to small claims court, win and he still does not want to pay. Can I place a lien against his condo? What is the minimum amount of money I should win to place a lien? Thank...
I have been sued by my X husband for 1/2 of the property in the home I lived in In Indiana. The divorce decree back in 1988 stated, when the wife in the future sells the property the husband will get 1/2 of the proceeds of the sale. I understate that. But I do not understand that the property was...
View more questions Search
|
