This form is a sample letter in Word format covering the subject matter of the title of the form.
Judgment Lien Foreclosure In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-0025LTR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
What Do You Do When There Is A Judgment Lien On Your Property, But The Judgment Has Expired? Judgments have expiration dates. If they are not timely renewed, they expire. In CA that is 10 years.
Creditors typically acquire property liens through your voluntary consent. On the other hand, creditors get judgment liens after winning a lawsuit against you for a debt you owe.
It shows up on your credit report as well as on any background checks. The judgment is considered a lien against your property, including any real estate that you have, in the state in which the judgment is filed.
(Be aware that foreclosures eliminate liens, not debts. The second mortgage holder might sue you, or the judgment lien holder might put a lien on other property you own or try to collect the debt you owe by garnishing your wages or levying your bank accounts.)
Following a first mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished, and the liens are removed from the property's title. However, the second mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
Except as provided in sections 33-729 and 33-730, from and after the time of recording as provided in section 33-961, a judgment shall become a lien for a period of ten years after the date it is given on all real property of the judgment debtor in the county in which the judgment is recorded, whether the property is ...
A judgment lien is a court ruling that gives a creditor the right to take possession of a debtor's property if the debtor fails to fulfill their contractual obligations.
Following a first mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished, and the liens are removed from the property's title. However, the second mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
Liens are legal claims against property by creditors that allow them to collect what they're owed. Liens can be general or specific, and voluntary or involuntary. If a homeowner doesn't settle an obligation, then the lienholder may legally seize and dispose of the property.
