This form is a sample letter in Word format covering the subject matter of the title of the form.
Judgment Lien On Personal Property With Mortgage In Maricopa
Category:
State:
Multi-State
County:
Maricopa
Control #:
US-0025LTR
Format:
Word;
Rich Text
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Description
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FAQ
Except as provided in sections 33-729 and 33-730, from and after the time of recording as provided in section 33-961, a judgment shall become a lien for a period of ten years after the date it is given on all real property of the judgment debtor in the county in which the judgment is recorded, whether the property is ...
Key Requirements for Arizona Pre-liens Mailing Method: Use first-class mail with a certificate of mailing to ensure proof of mailing. Content: Include your information, a description of the work or materials provided, and the estimated total value.
Collection Methods There are 2 primary methods to collect a debt: Writ of Garnishment or Writ of Execution. Writ of Garnishment is often referred to as garnishing a debtor's wages. A written notice is served to both the debtor and the debtor's employer or financial institution.
And some states also allow judgment liens on the debtor's personal property -- things like jewelry, art, antiques, and other valuables. In Arizona, a judgment lien can be attached to real estate only (meaning a house or similar property).
If a judgment is granted by the Court in these lawsuits then the creditors could put a judgment lien on your home to secure the debt. However, taking that next step and foreclosing on the judgment lien is extremely rare. First, Arizona law allows a homeowner to protect up to $250,000 of net equity in their residence.
The law only protects a maximum of $150,000 of equity, so if the person's equity in a home is valued at more than $150,000 a creditor may force the sale of the property only if the proceeds from the sale would cover the homestead amount plus all liens/debts owed.
More info
This guide can give you a place to start your research when you have won a monetary judgment against another party in Superior or Justice court. Trying to collect a judgment in Arizona?Judgment Collectors shares their tips regarding judgment liens in Arizona and how to best collect. A judgment lien can be attached to the debtor's real estate -- meaning a house, condo, land, or similar kind of property interest. A lien may be recorded in error or remain when it should have been removed. Exhaust all other options. Complete the Notice of Lis Pendens form. Once the judgment is recorded, it serves as a lien on any real property the debtor has or may acquire in the future. The notice of partial release of the judgment lien does not affect a judgment lien on any other real property. Also, when a foreclosure action is filed, a lis pendens will also need to be recorded in the county recorder's office within 5 days.
