Judgment Lien Forms With Property In Wake
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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.
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 easiest way to remove a property lien is to repay the debt that spurred it. If you owe a contractor $1,000 in unpaid labor costs or your property taxes are a few years overdue, settle those balances up and then contact the creditor to have them removed.
In North Carolina, a lien claimant has 120 days from the date of last furnishing to complete these 3 steps: Fill out a mechanics lien form that meets NC requirements. File the lien with the county recorder's office. Serve a copy of the lien on the property owner.
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.
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.
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.
