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 Santa Clara
Category:
State:
Multi-State
County:
Santa Clara
Control #:
US-0025LTR
Format:
Word;
Rich Text
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FAQ
Joint tenancy does not offer asset protection from creditors. If a joint tenant incurs debts or legal liabilities, creditors may seek to satisfy those debts by making claims against the jointly held assets, potentially putting the entire account at risk.
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.
Further, the power of the judgment lien can sometimes reach beyond the debtor and impact property that the debtor jointly owns with others: It can attach to community property for debt incurred by either spouse before or during the marriage.
Joint Owner's Debts Could Become Your Problem For example, if you add your adult child to the deed of your home and they have undisclosed debts, your property could be at risk of being seized to settle those debts.
Also, in a community property state such as California, a spouse can have debts from other creditors, and those creditors may be entitled to place a lien on a property you own jointly with your spouse as a means of satisfying the debt.
Also, in a community property state such as California, a spouse can have debts from other creditors, and those creditors may be entitled to place a lien on a property you own jointly with your spouse as a means of satisfying the debt.
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.
If one owner dies, the property automatically passes to the other owner(s). Property owned in joint tenancy does not form part of your estate (because of the right of survivorship). This means the property is not listed on an application for a grant of probate or administration.
The answer to your question is yes. If a party jointly owns a debt with a debtor, then the creditor can still put a lien on any property owned by the debtor, regardless of who else has ownership in it.
Even if the spouses held the matrimonial home as joint tenants at the time that the creditor filed its writ, the creditor could only seize the interest of the judgment debtor in the home.
More info
You can put a lien on that property so that if they ever sell or refinance the property you might get paid. To do this, you first need an Abstract of Judgment.A judgment lien is a courtsanctioned claim imposed on a debtor's property when they lose a case and owe money to the plaintiff. A judgment lien affects real estate you own in the county where the creditor records the lien, or where the court enters the judgment. If your equity is below the homestead declaration protected amount party desiring to collect cannot record a lien, or it has to be removed. Once you have a judgment you can file it in the county where the property is located and that will create a lien. Can a lien be placed on jointly-owned property? A lien can be placed on a property owned jointly. A properly recorded Abstract of Judgment attaches to all real property interests of the judgment debtor in the county where the lien is recorded. Real Property Lien: A lien is a kind of security interest like a mortgage.
