Posted on: 14th Oct, 2007 07:58 pm
We "may" have a possible lien or judgement filed against us and we want to protect our home and other property from a possible lein. We don't want the possiblity of a judgement that would require or make us to sell our home. If we quick claim our property will that protest the property from being seized. If we put someone else (ie parents) as co-owner on our property. We want to still remain responsible for our property we just want to protect our property from being taken from us? If a judgement is filed against us we will make good on any judgement we just don't want to be forced to sell our home.
I don't even know if they could do that. We are looking to protect our home and property from a possible judgement. We are not sure what to do?
I don't even know if they could do that. We are looking to protect our home and property from a possible judgement. We are not sure what to do?
Hi,
Actually it depends on the laws of the state where you live. If you have any interest in the property, it might get a lien.
Actually it depends on the laws of the state where you live. If you have any interest in the property, it might get a lien.
Hello Gloria,
Is the lien or judgement due to mortgage? Or is it some other debt?
If your property has been placed as a collateral, then it will get a lien on it, even if you have co-owners to the title.
Is the lien or judgement due to mortgage? Or is it some other debt?
If your property has been placed as a collateral, then it will get a lien on it, even if you have co-owners to the title.
Hi Gloria,
I want to know whether you have taken any mortgage or any other debt. If you have taken a mortgage and you have showed your house as security of the mortgage then it will be the lien for the mortgage.
I want to know whether you have taken any mortgage or any other debt. If you have taken a mortgage and you have showed your house as security of the mortgage then it will be the lien for the mortgage.
Hi Gloria,
There may be a few options to consider. I see you post are headed Multi property owner.
Is this concern for your primary home or multiple investments?
Either way I have seen people utilize setting up an LLC for the investment properties as protection and then putting the properties into an Equity Holding Land Trust. This could be used for a primary home also. The basic concept is that you put your home in a trust and the agreement gives you as the right to live and use the home as long as you live. You still have all the same rights and benefits but it is now owned by a trust that you control.
It is also a great way to set up the hand over to your heirs when the time comes without probate concerns.
I would recommend speak to an attorney that is educated in these matters.
The big question at this time is if the judgment already exists or is on the making. That would create timing issues for you.
Another option could be a reverse mortgage if you are 62 or older. It is hard to say what benefits or concerns either may bring without further review but on the surface of a reverse mortgage you can do a reverse and put the proceeds into the credit line option and have the funds available as a safety net if ever needed. You will not owe any interest on those funds unless you use them. In regards to the lien concerns (if you do a reverse before the lien is in place) you will lock up the property with the mortgage and can live there for the rest of your live or until you move out or sell without threat of your home being taken away.
The lien can still exist as long as it is a legal lien and a debt you owe. Many times people do not lien a property with a reverse mortgage because the lender inflates the mortgage lien on record to protect their interest and potential interest growth.
I know that is probably a confusing statement but I can explain more if you wish. Either way, if you truly owe a debt they will find a way to get repaid via a judgment. It is the battle of who makes the first move and stays ahead of the game.
I hope this helps and let me know if I can assist any further.
Regards
Tony G
There may be a few options to consider. I see you post are headed Multi property owner.
Is this concern for your primary home or multiple investments?
Either way I have seen people utilize setting up an LLC for the investment properties as protection and then putting the properties into an Equity Holding Land Trust. This could be used for a primary home also. The basic concept is that you put your home in a trust and the agreement gives you as the right to live and use the home as long as you live. You still have all the same rights and benefits but it is now owned by a trust that you control.
It is also a great way to set up the hand over to your heirs when the time comes without probate concerns.
I would recommend speak to an attorney that is educated in these matters.
The big question at this time is if the judgment already exists or is on the making. That would create timing issues for you.
Another option could be a reverse mortgage if you are 62 or older. It is hard to say what benefits or concerns either may bring without further review but on the surface of a reverse mortgage you can do a reverse and put the proceeds into the credit line option and have the funds available as a safety net if ever needed. You will not owe any interest on those funds unless you use them. In regards to the lien concerns (if you do a reverse before the lien is in place) you will lock up the property with the mortgage and can live there for the rest of your live or until you move out or sell without threat of your home being taken away.
The lien can still exist as long as it is a legal lien and a debt you owe. Many times people do not lien a property with a reverse mortgage because the lender inflates the mortgage lien on record to protect their interest and potential interest growth.
I know that is probably a confusing statement but I can explain more if you wish. Either way, if you truly owe a debt they will find a way to get repaid via a judgment. It is the battle of who makes the first move and stays ahead of the game.
I hope this helps and let me know if I can assist any further.
Regards
Tony G
You should consult an attorney, Gloria.
If it is a tax lien then you may have something to worry about. If not, even if the judgement results in a lien you probably won't have to sell. Like in the case of a mechanics lien the lien would be against your property but you only pay if or when YOU decide to sell the property.
If it is a tax lien then you may have something to worry about. If not, even if the judgement results in a lien you probably won't have to sell. Like in the case of a mechanics lien the lien would be against your property but you only pay if or when YOU decide to sell the property.
