Judgment Lien On Jointly Owned Property In Nevada
Description
Form popularity
FAQ
And a homeowner may find it difficult to sell any property that has a lien against it. Prospective buyers may avoid a property to which someone else has a claim.
The short and legal answer is YES, the creditor can force the sale of that half interest, but normally they won't. Part of the reason is that half of a property is not worth half of what the property is worth.
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.
How does a creditor go about getting a judgment lien in Nevada? To attach the lien, the creditor files the judgment with the county recorder in any Nevada county where the debtor has property now or may have property in the future.
A judgment is a general, involuntary, equitable lien on both real and personal property owned by the debtor.
Nevada laws carve out a long list of property exempt from execution. Below are some examples of exemptions: Necessary household goods, furnishings, electronics, clothes, yard equipment, and other personal effects up to $12,000 in value.
Nearly all household goods, furniture, family heirlooms, clothing, personal jewelry and retirement accounts are also exempt from creditors in bankruptcy. Life insurance policies are usually exempt, as well as 529 college savings plans. As to wages, Nevada law allows you to shield 75% of your income from creditors.
