When you order a property title search, often it comes back with several liens attached. A lien is a legal notice of an unpaid debt. Occassionally, there may be some liens that have not been removed in the past, and some of the claims may be incorrect. If you feel that errors have been made, an attorney can assist you in making a research and there is a process to correct the mistakes. Also he could help you negotiate for final payment if the debt is valid.
Liens also have different priority levels against the debt, and 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 McAllen.
Voluntary 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 McAllen. 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.
Involuntary 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 McAllen.
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 McAllen to recover the debt. If you have several liens and cannot repay what you owe, you may find you’d be better positioned financially in the future by taking action now.
Pay Off Your Liens
You could sell a house with liens in McAllen on your terms before further action by the creditor and thereby arrange to pay off or resolve the debt on your terms, before the lender takes legal action and tries to foreclose on the property. Because existing liens can complicate the process, it’s beneficial to work with a pro experienced in these listings, like the professional investors at Dolfin RGV. 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 clerk. You should be aware there may be some filing fees associated with the process, which makes the release of the lien public information. 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 Dolfin RGV
If you find yourself short on money, time, or the patience necessary to deal with the hassles of listing and showings, call Dolfin RGV instead – we can help. The professional investors at Dolfin RGV have helped other homeowners just like you overcome the challenges that liens can throw at you; we’re happy to answer any questions you have about a direct sale and help clarify any concerns. A direct sale to Dolfin RGV is a quick process; your closing could be in a matter of days or slightly delayed if you need some more time to move. The professional investors at Dolfin RGV don’t charge agent’s commissions, and there are no hidden fees in our straightforward contracts; we can even assist you with your closing costs. At Dolfin RGV, we will lay out the numbers side by side so you will know what the property would sell for through listing with a realtor and all of the costs you would face by selling on your own. Then, we will detail our offer, allowing you to understand the numbers for yourself to see the offer is fair. The pros at Dolfin RGV are your neighbors who live and work here in McAllen; therefore, we take every step to ensure you feel good about the deal from the first time we speak until long after closing. We want to help our neighbors one home at a time; contact as and put a face on a business. No strings attached!
Save time, save money and make the process easy and straitforward on yourself by working with Dolfin RGV to sell a house with liens in McAllen and walk away from the closing with cash in hand. Contact [company] at (956) 904 5234.