This form is a sample letter in Word format covering the subject matter of the title of the form.
Judgment Against Property For Sale In Massachusetts
Category:
State:
Multi-State
Control #:
US-0025LTR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
– Homestead Exemption: This exemption protects an individual's primary residence from being seized by creditors. In Massachusetts, the homestead exemption is $500,000 for most individuals, but it can be up to $1 million for certain individuals, such as those over the age of 62 or those with disabilities.
Generally, the party seeking to sell or transfer the property will need to satisfy the judgment by paying the amount owed to the judgment creditor, or negotiate a settlement or release with the creditor.
Judgements can become a first lien against a property. Lenders generally want to be first lien when it comes to mortgages. So yes, it will be deal breaker for most mortgage companies. I've seen mortgages get denied because of a $6000 judgement.
Buying a house with a judgment lien can be complicated. The judgment lien gives the creditor the right to collect the debt from the proceeds when the property is sold, which can affect the sale process and the buyer's ability to obtain clear title.
For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
Lenders can still search for judgments in public records, which can impact your ability to borrow.
Unless otherwise permitted by the court, the examination and cross-examination of each witness shall be conducted by one counsel only for each party, and the counsel shall stand while so examining or cross-examining.
The most common type of lien is what's usually referred to as a Mechanic's Lien. Sometimes called "construction liens," "laborer liens," or "artisan's liens," they are filed by contractors, subcontractors, or construction firms.
Yes, a house can be sold with a lien on it, but the process involves additional steps to ensure a smooth transaction. The lien typically needs to be resolved before or during the sale to provide the buyer with a clear title. Buyers and lenders usually require assurance that the lien will not transfer with the property.
