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Michigan Notice of Judgment Lien

Michigan Notice of Judgment Lien

Name: Michigan Notice of Judgment Lien
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.87 (339 reviews)

Category:

Michigan Statewide - Civil - General

State:

Michigan

Control #:

MI-MC-94

Format:

Instant download

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Description

Notice of Judgment Lien A Michigan Notice of Judgment Lien is a document that is provided to a party that has won a civil lawsuit in Michigan. This document provides legal proof of the winner’s claim against the losing party, and serves as a public notice that the winning party has a legal right to collect the amount of money awarded in the lawsuit. There are two types of Michigan Notice of Judgment Liens: a Judgment Lien on Real Property, which applies to land or buildings, and a Judgment Lien on Personal Property, which applies to items such as vehicles, money, and other possessions. The lien will remain in effect until the amount of the judgment is paid in full. If the judgment is not paid, the winning party can take action to collect the money by foreclosing on the property or seizing the personal property.

A Michigan Notice of Judgment Lien is a document that is provided to a party that has won a civil lawsuit in Michigan. This document provides legal proof of the winner’s claim against the losing party, and serves as a public notice that the winning party has a legal right to collect the amount of money awarded in the lawsuit. There are two types of Michigan Notice of Judgment Liens: a Judgment Lien on Real Property, which applies to land or buildings, and a Judgment Lien on Personal Property, which applies to items such as vehicles, money, and other possessions. The lien will remain in effect until the amount of the judgment is paid in full. If the judgment is not paid, the winning party can take action to collect the money by foreclosing on the property or seizing the personal property.

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FAQ

(1) Unless subsection (2) or (3) applies, a judgment lien expires 5 years after the date it is recorded. (2) Unless subsection (3) applies, if a judgment lien is rerecorded under subsection (4), the judgment lien expires 5 years after the date it is rerecorded.

What Is a Judgment Lien? A Michigan judgment lien is a document filed with a county recorder or registrar of deeds that attaches to real property in that county owned by the debtor identified in the lien. The lien is an encumbrance on such property, much like a mortgage, tax lien, or home equity line of credit.

A notice of judgment lien does not require a legal description, but it does require the last four digits of the social security or Tax I.D. number to confirm the judgment debtor. It is recorded in the land title records of the register of deeds, typically in the ?grantor/grantee? index, and may be searched by name.

Request a Release-of-Lien Form ? After paying off the balance of your debt in full, the creditor will file a release-of-lien form. This will act as evidence that the debt has been paid and will formally release the lien from your property.

A creditor must take personal property to pay your debt first. If the money from your personal property does not cover your debt, the creditor can then seize and sell real property you own. Proceeds from the sale are used to pay taxes and mortgages first.

Expiration and discharge, Section 2809: A judgment lien is valid for five years and may be renewed for an additional five years. Furthermore, it can be discharged by the judgment creditor, by the filing of a satisfaction of judgment, by the judgment debtor, by affidavit and proof of payment, or by order of the court.

The lien is effective for five years (subject to the life of the judgment), may be renewed, and must be paid by the judgment debtor upon conveyance, sale or refinance of the property.

More info

A judgment lien can be imposed on your property only after somebody sues you and wins a money judgment against you. TO PROCESS SERVER: You must serve the notice of judgment lien and file proof of service with the court clerk.A judgment lien is a court ruling giving a creditor the right to take possession of a debtor's property if the debtor doesn't fulfill their obligations. While it's the person who is served with the notice, the lien attaches to the property itself, becoming a cloud on the title. Dates of renewal of judgment (specify): e. 4. The name and address of the judgment creditor or person who obtained the right to attach order are (specify): 5. Complete the form very carefully as mistakes may have important legal consequences. Attach this ADDENDUM to the completed NOTICE OF JUDGMENT LIEN. A judgment lien shall be released on the filing of a satisfaction of judgment or release of lien in the same manner as the judgment is filed to obtain the lien. Complete this form if: • You were awarded a judgment, and.

Michigan Notice of Judgment Lien

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