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Liens
| Question | Answer |
|---|---|
| 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
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