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Lien a hold or claim on the property of another to satisfy an unpaid debt. $lien money lien money lien money lien money$
all liens are attached to the property, not to the owner. true
what are the different types of lien classifications? General lien specific lien voluntary lien involuntary lien statutory lien equitable lien
General lien a lien on all property both real and personal. ex: judgment liens, corporation tax lien, franchise tax liens, etc.
If a person owes taxes to the IRS it is a _________ against all real and personal property of the delinquent tax payer. general lien
Specific lien is against one specific property. In other words are debts that are directly tied to the property. ex: mortgage, trust deed, mechanic's lien, property tax, etc
Voluntary lien A lien that was placed on the property with the consent of the owner. ex: mortgages and trust deeds
Involuntary lien is placed on the property without the consent of the owner. ex: judgement or mechanics lien
Judgement lien The court final decision of the rights or obligations of the parties involved. Once the judgement has been filed it creates a general lien against the property.
Mechanics Lien Places on real property in favor of parties who have performed work or furnishes materials for the improvement of real estate.
Statutory lien A lien that is placed on the property by law. ex: real estate property taxes and special assessments
Equitable lien is placed on the property by written contract or by what is fair and equitable. ex; lis pendens
Lis Pendens (Latin for lawsuit pending) A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property.
________ exists when there is a dispute over who has the rights to the property Lis Pendens
If there is a _________ on the property the property is considered unmarketable until judgement is rendered or the lawsuit is dismissed. Lis Pendens
Foreclosure A lawsuit to force the sale of a property for the non payment of the debt or other terms found in the loan documents.
A deed in lieu of _______________ is when a deed to real property accepted by a lender from a defaulting borrower. This is done to avoid the necessity of the ____________ proceedings by the lender. Foreclosure Foreclosure
Deficiency judgment A legal judgment given when the property securing a debt is insufficient to satisfy the remaining debt. ex: you owe 200,000 and the bank is going to foreclose on the property, the property is only work 150,000, thus a deficiency judgement would be filed.
Senior lien The lien that gets paid first. ex: real estate taxes and special assessments (NOBODY steps in front of the government)
Junior lien any lien under a senior lien. The junior lien has a higher position of risk, which is why they tend to be smaller, and have higher interest rates.
Ad Valorem another word for real estate taxes. Latin for "according to value" These taxes pay for schools and police stations
Special assessments pay for improvements to owner's property such as curbs and sidewalks
____________ liens take priority over a mortgage or trust deed Mechanics lean (loan cannot be paid back until the worker is!)
Created by: Smithhannah236