Creditors have the resources to jump through many hoops in pursuit of a debt owed to them. Debtors can be forced to handle a lot of unexpected moves from a creditor. One of the most famous and frustrating ways to pay off the creditor is through a home judgement lien. If all else fails with a creditor getting their money back, they will apply a forced judgement lien to the home.
What is a Judgement Lien?
So an individual owes tens of thousands of dollars to a creditor, but they have no way to pay off the entity. After a year or two of battling and potentially avoiding the problem, the creditor will instigate a judgement lien on the home. This essentially means that when the home transfers title, the creditor will get their money back. If a home-owner owns a company $50,000, the company will theoretically apply a $50,000 judgement lien on the home. They cannot sell the home unless they take a $50,000 hit. The title will not transfer, and that amount will have to be paid in some capacity (usually coming off the home sale price).
Home-owners Stop Judgement Liens
A number of lawyers have entered into the practice of protecting a debtor from a judgement lien. It is essentially impossible for an individual to Stop Judgement Liens on their own will. They must have a lawyer to facilitate that agreement. Judgement liens can be stopped a number of ways, but they all incorporate some type of stalling or buying off of the creditor. For example, a client will need to put up an amount relative to what they owe to get them to stop. They can establish a payment plan to the creditor, for a promise that they will not have a judgement added at a future date.
Clients can also file a satisfaction of the lien. It is an agreement that the lien will be removed if the debtor follows through with certain stipulations. These can be applied to stop judgement liens from causing major distress to the one last significant asset a person has- their home.
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