Hawaii Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files: A Comprehensive Overview In the process of evaluating a property, it’s crucial to review the various documents contained within the seller's files. These documents can provide essential insights into the property's legal standing and any potential financial obligations associated with it. In Hawaii, the following key documents must be carefully reviewed: 1. Liens: Liens refer to legal claims on a property, usually filed by creditors, that serve as security for debts owed. They ensure that the creditor will be repaid before the property is sold. Examples of liens that may be identified in the seller's files include: a. Mechanic's Liens: These liens are filed by contractors, subcontractors, or suppliers who have not been paid for their services or materials used in property improvements or construction projects. b. Tax Liens: Government entities, including the IRS and state taxation agencies, may file tax liens for unpaid property or income taxes. These liens take priority over other liens. c. Judgement Liens: A judgement lien arises when a court grants a creditor a legal claim on the property due to an unpaid judgement. 2. Mortgages/Deeds of Trust: Mortgages and deeds of trust are legal agreements used to secure loans for purchasing or refinancing property. These financial instruments grant a lender an interest in the property as security for the loan. Common forms of mortgages or deeds of trust include: a. First Mortgages: These are the primary loans secured by the property and hold the highest priority in case of default or foreclosure. b. Second Mortgages/Deeds of Trust: Second mortgages or deeds of trust are additional loans obtained on top of an existing mortgage. They hold secondary priority, meaning they are repaid after the first mortgage is satisfied. c. Home Equity Loans or Lines of Credit: These loans allow homeowners to borrow against the equity accumulated in their property. 3. UCC Statements: UCC (Uniform Commercial Code) statements are documents that provide notice of a creditor's interest in the personal property associated with commercial transactions. These statements are typically found in situations where a business or individual secures a loan using their property other than real estate as collateral. 4. Bankruptcies: Bankruptcy filings indicate a debtor's inability to repay debts. Seller files may include bankruptcy records that involve the property in question. Different types of bankruptcies that may be identified include: a. Chapter 7 Bankruptcy: Also known as liquidation bankruptcy, it involves the sale of the debtor's non-exempt assets to repay creditors. b. Chapter 13 Bankruptcy: This type of bankruptcy allows individuals with a regular income to develop a plan to repay their debts over a specified period, usually three to five years. 5. Lawsuits: Lawsuits mentioned in the seller's files reveal any ongoing or resolved legal disputes that have a direct impact on the property. Lawsuits can stem from a variety of matters, including contract disputes, property boundary issues, or construction defects. When reviewing the seller's files, it is crucial to evaluate these documents carefully, as they can significantly impact the financial and legal risks associated with purchasing the property. It's often advisable to seek assistance from a qualified real estate attorney or professional to ensure these records are thoroughly examined and understood.
Hawaii Liens, Mortgages/Deeds of Trust, UCC Statements, Bankruptcies, and Lawsuits Identified in Seller's Files
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The secured party has 20 days to either terminate the filing or send a termination statement to the debtor that the debtor can then file. If this does not happen within the 20-day time frame, the debtor may file a UCC-3 termination statement.
Lastly, a Merchant Cash Advance funder may also attempt to freeze or levy your bank accounts and or your payment processors. This is also accomplished by the filing of a UCC Lien and most often attached to the UCC Lien filing is a complete and un-redacted copy of your Merchant Cash Advance Agreement.
To put it in simple terms, the secured party is the creditor on the UCC loan. The creditor is the secured party because they have a financial interest in the collateral which the lien is on.
A Uniform Commercial Code filing?or UCC filing?is a form of notice that lenders use when securing a borrower's loan with an asset or group of assets. This enables lenders to seize the listed property as a way of recouping loan funds in the case of borrower default.
The UCC filing establishes a lien against the collateral the borrower uses to secure the loan ? giving the lender the right to claim that collateral as repayment in the case of default. However, in many cases, the terms UCC lien and UCC filing are used interchangeably.
If you need to remove a UCC filing form your credit report, ask the lender to file for its removal. In order to do this, they need to file a UCC-3 Financing Statement Amendment. You can also just wait it out. Depending on how long you have been with the lender, the filing may be removed within a few months.
It can impact your borrowing power The most significant impact a UCC filing can have on your business is connected with its very purpose: because a lender already has a lien on all or some of your possible collateral, it will likely be hard? if not impossible? to obtain any kind of secured financing from a lender.
