Judgment Lien Foreclosure In Oakland
Description
Form popularity
FAQ
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.
If they are not timely renewed, they expire. In CA that is 10 years. However, when a judgment lien has been recorded against your property, it has no expiration date. This means that it is possible to no longer have a judgment against you, but still have a judgment lien on your property.
How is the judgment lien created? In California, the judgment lien is governed by statute. If the title search reveals a judgment lien, it means that the judgment creditor has recorded an Abstract of Judgment in the county where the debtor (homeowner) resides.
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.
This is a breakdown of the steps involved in foreclosing on a lien. File a mechanics lien. Filing a mechanics lien is the actual first step in the lien foreclosure process. Send notices. Hire a lawyer. Prepare your case. File your case. Serve the owners. Wait for your day in court. Collect on your judgment.
A lien foreclosure action is a lawsuit to foreclose the mechanics lien. The lien claimant must file a lien foreclosure action within 90 days of the date that he or she recorded the mechanics lien. Often a lien claimant with a valid claim will fail to follow through, making the lien invalid.
A foreclosure action and sale may and typically will eliminate the foreclosing lien, together with any inferior liens encumbering the property.
Once a Notice of State Tax Lien is recorded or filed against you, the lien: Becomes public record. Attaches to any California real or personal property you currently own or may acquire in the future. Is effective for at least 10 years (may be extended)
Most judgments (the court order saying what you're owed) expire in 10 years. This means you can't collect on it after 10 years. To avoid this, you can ask the court to renew it. A renewal lasts 10 years.
To do this, fill out an EJ-001 Abstract of Judgment form and take it to the clerk's office. After the clerk stamps it, record it at the County Recorder's Office in the county where the property is located. Place a lien on a business.
