Many individuals do not seek bankruptcy protection in time, which allows creditors to place involuntary or judgment liens on their assets such homes, cars, or bank accounts. SM Law Group, APC will help to avoid these liens before they happen.
A judgment lien is an amount of money that has been secured by any collateral that is generally placed against a home or any property belonging to the owner of the property.
Nearly all of your property can have a judgment lien attached to it, including:
Generally, a judgment lien is the last step that a creditor has taken in order to enforce its judgment against a debtor. At first glance it may not seem like a big deal that you have a lien against your house; after all, you probably already have one or two mortgages against your property and with today’s declining property values that is barely any equity in most people’s homes. However, what happens if you want to refinance your home to either take some money out or simply just lower the interest rate? This is where a lien against your home can create a sizeable financial burden for the homeowner.
A simple $4,000 judgment lien can grow to tens of thousands of dollars over the years; the interest rate on these liens can be as much as 15%. For example, a simple $4,000 lien can grow in interest to over $10,600 in just over eight years. These liens do not just disappear but will be paid in full when the homeowner wants to refinance or even sell their property.
A judgment lien can be resolved in a variety of ways:
Make sure that you take action immediately, as fighting a lien can be a time-sensitive matter.
In California, a judgment lien is attached to the property for 10 years, and can remain on the property even if the owner changes.
At SM Law Group, APC, our attorneys are experts in removing these liens not only from your properties but getting rid of them for good, so in a few short years you will have the option of selling or refinancing a property without having the extra burden of a judgment lien that was placed from an old credit card debt or a car repossession.
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