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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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To collect a deficiency judgment, will a lender place a lien

Resolved Question:

To collect a deficiency judgment, will a lender place a lien on a property that currently has no equity? How long can a lien last in California?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.
a lender will not usually place a lien on the property they will try to freeze any personal accounts or attempt a wage garnishment. The California Code of Civil Procedures regulates the collection of monies owed. In the state of California a lien placed against your property for an unpaid judgment can remain in place for a period of ten years. The creditor then has the option of renewing the lien for an additional ten years. The renewal of the lien must be filed prior to the first lien expiring, and in some cases it can be done automatically. These provisions by law can be found in section 683.020. Section 683.030 allows it to be initially enforced, and sections 683.120(b) and 683.150(a) allow it to be renewed.

California Statute of Limitations for Judgment Liens on Homes |
Customer: replied 6 years ago.
How long can wage garnishments last?
Expert:  WALLSTREETESQ replied 6 years ago.
The Earnings Withholding Order remains in effect for 10 years or indefinitely (if for support) until the judgment is paid, the debtor ceases to work for that employer, a higher priority Earnings Withholding Order takes effect (such as an Earnings Withholding Order for child support) or the Order is terminated by operation of law (court order or failure to file Opposition to Claim of Exemption.)
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