Can a creditor force the sale of a jointly owned home?

The short and legal answer is YES, the creditor can force the sale of that half interest, but normally they won't. Part of the reason is that half of a property is not worth half of what the property is worth.

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Legal Letters
Sample Letter for Notice of Judgment - Lien

Judgment Lien On Jointly Owned Property In San Jose

Category:

Letters - Notices - Judgment Liens

State:

Multi-State

City:

San Jose

Control #:

US-0025LTR

Format:

Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

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FAQ

Yes, a lien may be placed on property that is jointly owned. However, the effects of that lien depend on the type of ownership that the property is under. Before discussing the terms of joint ownership, it's important that you understand exactly what liens are and what they may mean for you and your investment.

Yes, the IRS can attach liens to joint and shared property.

An involuntary lien can occur without your knowledge, depending on the circumstances. A creditor often places a judgment lien after suing you and winning the case.

This also means that you and your spouse share liability on debts, whether you signed for that debt or were included as a judgment debtor. Consequently, a judgment creditor of your spouse may be able to file a lien against real property that you jointly own with your spouse.

This all depends on whether there was a contract for care entered into by the parties. If there was, then it would be enforceable by the family member who provided care although they would have to file suit to get a judgment and enforce any lien.

The short and legal answer is YES, the creditor can force the sale of that half interest, but normally they won't. Part of the reason is that half of a property is not worth half of what the property is worth.

More info

You can put a lien on that property so that if they ever sell or refinance the property you might get paid. To do this, you first need an Abstract of Judgment.Learn how to transfer property ownership with a lien in this comprehensive guide. Liens on marital property can come in all shapes and sizes during divorce. You need to know which liens to watch out for, and the best ways to resolve them. A judgment lien is a courtsanctioned claim imposed on a debtor's property when they lose a case and owe money to the plaintiff. When a judgment lien is recorded against real property, the lien will remain binding even after ownership changes. First, you have to weigh the amount of your judgment against the costs you will incur to place a judgment lien on the property. Paying off a lien is the easiest and most efficient way to clear title and allow the property to be sold without encumbrances. A simple rule of thumb is to record a lien in the county where the judgment debtor resides or does business.

Judgment Lien On Jointly Owned Property In San Jose

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FAQ

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Can a creditor force the sale of a jointly owned home?

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