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Judgment Lien On Personal Property With Mortgage In Arizona
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Multi-State
Control #:
US-0025LTR
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Word;
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Description
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FAQ
If a judgment is granted by the Court in these lawsuits then the creditors could put a judgment lien on your home to secure the debt. However, taking that next step and foreclosing on the judgment lien is extremely rare. First, Arizona law allows a homeowner to protect up to $250,000 of net equity in their residence.
Arizona's homestead exemption exempts up to $150,000 of a person's equity in their dwelling from attachment, execution or forced sale. The exemption applies to a person's house and land, inium or cooperative, mobile home or mobile home and land.
And some states also allow judgment liens on the debtor's personal property -- things like jewelry, art, antiques, and other valuables. In Arizona, a judgment lien can be attached to real estate only (meaning a house or similar property).
The law only protects a maximum of $150,000 of equity, so if the person's equity in a home is valued at more than $150,000 a creditor may force the sale of the property only if the proceeds from the sale would cover the homestead amount plus all liens/debts owed.
Yes, a lien may be placed on property that is jointly owned. However, the effects of that lien depend on the type of ownership that the property is under. Before discussing the terms of joint ownership, it's important that you understand exactly what liens are and what they may mean for you and your investment.
Arizona's homestead exemption exempts up to $150,000 of a person's equity in their dwelling from attachment, execution or forced sale. The exemption applies to a person's house and land, inium or cooperative, mobile home or mobile home and land.
Yes, a lien may be placed on property that is jointly owned. However, the effects of that lien depend on the type of ownership that the property is under. Before discussing the terms of joint ownership, it's important that you understand exactly what liens are and what they may mean for you and your investment.
