If the process of a title search reveals existing liens, it can certainly clog up the gears on the sale of your home. A lien is a legal notice of an unpaid debt. If you feel the claim details are incorrect or that the creditor filed the lien on your property in error, an attorney can assist you in researching the history and helping you negotiate for final payment if the debt is valid.
Liens also have different priority levels against the debt. When the property sells, the order of the highest priority lien determines the order of payment. While not always applicable, the date filed determines repayment priority. Understanding which type of lien is on the property can make handling the lien a bit less overwhelming. Read on to explore liens and how to sell a house with liens in Kalamazoo and surrounding areas.
Consensual Liens
There are two types of consensual or voluntary liens. The lender can take possession of the property with either kind of lien, known as foreclosure, and ends in an auction to sell a house with liens in Kalamazoo and surrounding areas. The first is a purchase-money security interest lien, such as a mortgage wherein the asset used to purchase a home is the subject of the loan. The other type of consensual lien is the non-purchase-money security interest, such as a second mortgage, wherein the debtor utilizes the property as security for a cash loan.
Non-Consensual Liens
Enacted by operation of law or statute, statutory liens are non-consensual or involuntary and are typically tax-related, giving the creditor secured interest on a property. The creditor may pursue the secured interest and have the property sold. Liens that result from court proceedings from a lawsuit from an individual or company filing a claim are known as judgment liens. Ultimately, if the borrower fails to fulfill the loan terms, this type of lien allows the creditor to take the property’s title and sell a house with liens in Kalamazoo and surrounding areas.
Creditors who seek repayment file the lien against a property and receive a payment if the property sells or, in some cases, a creditor can seize the property and sell a house with liens in Kalamazoo and surrounding areas to recover the debt. If you cannot repay the debt, you may find you would be better positioned financially in the future by taking steps now.
Pay Off Your Liens
You could sell a house with liens in Kalamazoo and surrounding areas on your terms before further action by the creditor and thereby arrange to pay off or resolve the debt on your terms. Because existing liens can complicate the process, it’s beneficial to work with someone experienced in these situations, like the professional investors at Ryan Buys Houses. When you pay off the debt, you need to request a release-of-lien form from the lender, a local attorney, or your local government. This form will need to be notarized and filed with the county recorder. You should be aware there may be filing fees associated with the process. If you’re paying off a federal tax lien, when paid in full, the IRS will provide you with the release of the notice, which you will forward to the county to remove the lien.
Sell Directly To Ryan Buys Houses
If you find yourself short on money, time, or the patience necessary to deal with selling your house, please reach out to Ryan Buys Houses – we can help. The professional investors at Ryan Buys Houses have helped other homeowners just like you overcome the hurdles with liens. We are happy to answer any questions you have about a direct sale and help ease your mind of any concerns. A direct sale to Ryan Buys Houses is a quick process; your closing could be in a matter of weeks or if you need just a little more time to move we can work on your timeline. The professional investors at Ryan Buys Houses don’t charge commissions, and there are no hidden fees in our straightforward agreements; you won’t even pay closing costs. At Ryan Buys Houses, we will lay out the numbers side by side so you will know what the property would sell for through a listing and all the costs you would face by selling on your own.
Save time, save money and make the process easy on yourself by working with Ryan Buys Houses to sell a house with liens in Kalamazoo and surrounding areas. Please contact Ryan Buys Houses at (269) 775-4095.
