Posted on: 16th Sep, 2009 10:21 pm
What time frame does a creditor or collection agency have to file a judgement or lien on real property? Is it different by State or County? If one is filed, how long is the lien or judgement good for?
Hi flowerz,
The lender can file a judgment or lien on the property immediately after it forecloses the property. I don't think it's much different by state. However, the statute of limitation (SOL) period may vary from state to state. It is the maximum period of time, after certain events, that legal proceedings can be initiated based on those events.
The lender can file a judgment or lien on the property immediately after it forecloses the property. I don't think it's much different by state. However, the statute of limitation (SOL) period may vary from state to state. It is the maximum period of time, after certain events, that legal proceedings can be initiated based on those events.
To file a judgment, they have to sue you first within the statute of limitations period. If they have a judgment, they are usually good for 10 years, but can be renewed. They can record an Abstract of Judgment, which acts as a lien on real property, at any time after they receive the judgment.
What can occur after a judgment is against you on an unsecure loan for less than $5000 and how long will it stay on your credit if not paid?
Hi Dreamer!
Welcome to forums!
Any negative item will remain in your credit report for 7 years. It will be better if you could pay off the unsecured debt as per the judgment that you've received.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Any negative item will remain in your credit report for 7 years. It will be better if you could pay off the unsecured debt as per the judgment that you've received.
Feel free to ask if you've further queries.
Sussane
Dreamer, if you have a judgment against you and you fail to meet the terms of that judgment, the creditor can go back into court and seek an execution against property that you own - that could be real estate, deposit accounts and, of course a wage execution as well. Not all at the same time, of course, but whatever will get them their money is the approach they'll take, I'm sure.
