This form is a sample letter in Word format covering the subject matter of the title of the form.
Judgment Lien On Jointly Owned Property In Maricopa
Category:
State:
Multi-State
County:
Maricopa
Control #:
US-0025LTR
Format:
Word;
Rich Text
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FAQ
Regarding your question about jointly owned property, it is possible for a lien to be placed on it unless it is held "by the entirety," which is a special way that a deed can be held by a married couple. However, if it is not held in this specific manner, there is a potential for a lien to be placed.
Involuntary Liens On the contrary, an involuntary lien can be placed on a property regardless of whether the owner wants it on their property. In other words, an owner's property can be claimed against their will if payments aren't made in a specified time period.
The joint account held in the entireties, therefore, cannot be attached by a statutory lien, without the prior permission of the non-debtor account holder.
Estate Implications: The deceased's half of the property becomes part of their estate, unless there is a community property agreement or survivorship provision in place. States: Examples include California, Texas, and Arizona.
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.
How does a creditor go about getting a judgment lien in Arizona? To attach the lien, the creditor files and records a judgment with the county recorder in any Arizona county where the debtor owns property now or where they may own property in the future.
A judgment is a general, involuntary, equitable lien on both real and personal property owned by the debtor.
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, condominium or cooperative, mobile home or mobile home and land.
The judgment lien is not going to impact a homesteaded property so the mortgage lender would be able to obtain a first lien on your property. So, as long as you otherwise qualify for a mortgage, the judgment lien should not be a problem.
