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Thanks for your question and good evening.My sympathy here for your situation and dilemma.
The creditor here can open probate and seek to force the sale of the property.Any surplus funds over the amount of the debt go back to the estate.But overall a creditor can force such a sale because any homestead protection you have ends with your death.
He can certainly stay here until your death and then until there is a foreclosure through probate.Once such probate is filed and the house sold they can evict your son.
You certainly can try to resolve the judgment and get a release.You also may be able to file say Chapter 7 bankruptcy to discharge any judgments against you.
You may want to talk to a local lawyer abou tsuch bankruptcy if you want to discharge the judgment and the debt.
Lawyer referral if you want to discuss bankruptcy as an option to discharge the judgment.
The only ways to protect yourself would be to try and resolve the lien and get a release of file bankruptcy to discharge the debt here.
I appreciate the chance to assist you tonight.Please let me know if you have more questions.I appreciate the chance to help you.
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They shouldn't be able to if only the corporation signed or was on the debt.You may want to consider a local lawyer to challenge the lien here with a suit to quiet title.Usually lawyer sends them demand letter demanding a release of the lien threatening suit.If they will not sign then a suit here to quiet title.This involves the court awarding you a clear title and removing the lien in question on the basis that it was a corporate debt.A lawyer might be able to get this removed if it was strictly a corporate debt.Lawyer referral here.http://www.calbar.ca.gov/Public/LawyerReferralServicesLRS.aspx
More about quiet title suits.
http://orangecountyrealestateattorney.net/real-estate-disputes-litigation/quiet-title-actionsThanks again for letting me help you tonight.
there is a judgment debt which was my previous corporation company's debt. I closed the company already. can the creditor put lien on my primary home? My previous company also has some back tax debt from IRS. can they also put lien on my primary home.
When you file chapter7, I heard that judge can sell my primary home to pay my debts. If it's sold, will I get some money before paying any other debts(there is one judgment debt lien)and how much? Also which debts are going to be paid first? There is one judgment debt lien on my primary home and will this be paid first before other debts? I also has back tax debt from IRS before the judgment debt lien, will this get paid first?
If you file Chapter 7 here California grants you a homestead exemption.If the house equity execeeds that then the creditors can force a sale but you would get the exempt amount first under the law.Law for reference.http://www.nolo.com/legal-encyclopedia/the-california-homestead-exemption.htmlAnd you would have to reaffirm the loan or if there is a note the lender can seek to lift stay and foreclose themselves if you are not making payments.
Interesting case where they didn't reuse the homestead funds they got, keep that in mind if you get this far here.
Thanks again for letting me help you.
you mean I will get the exempt amount before any other debt? even before the judgment debt lien on my primary home? if there is a lot of equity, let's say over 300,000, how much will I get?
Yes that is correct you get the $75k exemption. In California’s System 1, single homeowners who are not disabled may exempt up to $75,000 of the equity in their home or other property covered by the homestead exemption. You may exempt up to $100,000 if you live with a family member; $175,000 if you are 65 or older, or physically or mentally disabled; $175,000 if 55 or older, single, and earn a gross annual income under $15,000 or are married and earn a gross annual income under $20,000 and creditors seek to force the sale of your home. If you are married but separated, you may claim the homestead exemption in community property occupied by your spouse.
Once again I appreciate the chance to help you.
Thank you for the answer but let me ask you this way so I can understand better.
What if there is a lot of equity, let's say 400,000 and the home got sold by court order while BK, then I would get homestead exemption of $75,000 before IRS back tax or judgment lien?
Also, if there is judgment lien on my primary home and back tax debt(no lien), which one will get paid by the money from selling my primary home by court order while bankruptcy?
I think the order in a sale is IRS, your $75k and then creditors get rest.The IRS may get priority over everybody and then you get your $75 equity..The bankruptcy court would decide who get priority in such a sale.
I have a 300,000 judgment lien on my primary home. loan balance is 1.1mill and the current market value is 1.5mill if sold at normal housing market. can you advice what to do to resolve the 300,000 judgment lien issue?
It might be hard to resolve this debt unless you sell property and pay everybody off.Obviously you can continue to live here as long as you make payments.But once you decease the creditors can enforce the liens.I am not sure if a sale would net you a whole lot so you maybe better off just letting it remain and living there for the rest of your life.Unless the equity increases it will not sell for enough to pay all of it off and make anything.It's a tough situation with no easy answer.If the value increases a sale might yield enough to pay foo all your debts.
You can contact creditor and see if they will reduce the amount of the debt in order to resolve it and get it released.That's a starting point to see what your options are to resolve it.
The lien judgment debt creditor want to meet me at a court to provide things like bank statements, financial statements, lone documents and many more to proceed to collect debt. My local attorney advise to meet them myself. He said it's easier not to provide all the thinks that they asking for if I meet them myself. Can you please advise if it's better to meet them myself or with an attorney? Any pros and cons?
Thank you for your answer. Very helpful advice. But BK is not an option because I want to keep the home. there is high equity and will get sold through BK. While the meeting, they might ask about my furnitures and their value, do I have to tell them the price when I purchased or used market value? can they take the furnitures from us?
No here they are looking for easy things like bank accounts to levy or paid for cars something can resell or get at funds.They really don't want used furniture or appliances.Go and give them some information here just not your bank accounts, etc.
Here is great summary of your rights and what they are after, skip to page 4 or so..
Good luck to you in all of this and have a great labor day.
The judgment debt is a default judgment with fraud charge. It happened because I didn't not fight the case because my local bankruptcy attorney told me not to. I regret it because at least I can avoid the fraud charge which wasn't hard to do I heard. Is it possible to fight the case again? I never received the court paper directly for the case.
I heard that If I try to include the debt(default judgment with fraud charge) the creditor will most likely open a adversary hearing. Would it be hard to prove that it wasn't a fraud through adversary hearing?
Thanks for your question and good evening to you.If you decide to file bankruptcy the creditor could file for such a hearing.But overall you would have a great chance to discharge such a judgment in Chapter 7.You might also be able to reaffirm the house note here and keep it as well.You may well want to consult with a local bankruptcy lawyer about a filing as a last resort here.Here is reference about such hearings.Even when they file they do not necessarily prevail often the court sides with you the debtor and grants discharge. http://www.bankruptcycanhelp.com/published-articles/2004-06-N-Proceeding-Primer.php
Thanks again for your patience this evening while I researched this for you.
How do I find good bancruptcy atterney in Los Angeles area? I'm having hard time finding a good banckruptcy atterney
Let's say I no longer want to file bankruptcy. I was told that my primary home is protected which means a judgment debt lien holder can't foreclose it to pay their debt. I understand the mortgage loan lien holder can foreclose if only if I don't make payments but judgment lien holders can't foreclose the home right?
Good afternoon to you here.It is rare that a judgment creditor would try to force a sale of your homestead.The law allows you the following equity homestead exception ..
Here in California you get the $75k exemption. In California’s System 1, single homeowners who are not disabled may exempt up to $75,000 of the equity in their home or other property covered by the homestead exemption. You may exempt up to $100,000 if you live with a family member; $175,000 if you are 65 or older, or physically or mentally disabled; $175,000 if 55 or older, single, and earn a gross annual income under $15,000 or are married and earn a gross annual income under $20,000 and creditors seek to force the sale of your home. If you are married but separated, you may claim the homestead exemption in community property occupied by your spouse.
In almost all cases the judgment debtor just waits and hopes they get paid in a sale here.The lien clouds the title if you decease they can then seek to force a sale of property in probate.I appreciate the chance to help today.Thanks again, let me know if you have more followup.It is always a pleasure to provide you the information that ou needed.
This article below saying a judgment debt is only renewable for 30years. I thought a judgment debt is renewable every 10years infinitly. Please let me know what's correct. Here is the article- "In California real estate liens remain in effect for five years unless the collection agency requests a continuation of the lien within the six-month period preceding the date the lien expires. Should the lien expire without the collection agency requesting a continuation, it may use its judgment to request a new Abstract of Judgment from the court and file a new property lien. California judgments remain enforceable for 10 years and are renewable for a total of 30 years. If the judgment itself has expired, the collection agency may not renew or file a lien against your home."
They can be renewed every 10 years here.There are specific time frames to do so and in order to properly do so they must follow procedure.If they do not you could file a quiet title suit and the lien removed from your title.Here it is explained , please skip down toward bottom --how long is judgment lien valid..
So you are saying it can be renewed with no limit right?
Yes but they have to do it timely and comply with the requirements here.If they do not do so it expires and you canchallenge it with a suit to quiet title and have court grant you clear title.So you might want to check here with court that granted lien to see after 10 years if they renewed it or not.Often they give up and do not do so.Thanks again for the follow up.Here are the specific requirements they must follow.http://www.occourts.org/self-help/smallclaims/collectingthejudgment.html#howlongGo down to how long judgment is good for.
it was a little confusing but you were saying earlier that lien judgment creditor can foreclose my primary home if there is high equity that covers legal, agent fee, homestead exemption and their debt right?
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Thanks again and all the best to you.
If there is high equtiy so trustee sold my home in bankcrupty and there is some money to be paid to creditors. Who will get paid first between the IRS lien debt(lien on business only) VS Judgment lien debt(lien on my home that got sold)?
I've been trying for lone modification for a while to protect my home. This is my 2nd time submitted the lone modification application. Each time it get denied, I had to file bankruptcy to stop the foreclose then submit new lone mod application and then let the bankruptcy get canceled. I'm planning to repeat this until I get my lone modification get approved. Can the mortgage company stop me from repeating this? I have a family to support and I'm afraid my home might get foreclosed.
Hello again.Good to hear from you.
No you can keep on trying here.You may want to try a different lender.I think if you keep trying to will get a better loan and deal here.It is certainly worth trying some more.
You have the right idea to keep on trying to get a better loan and hopefully lower payments. I wish you the best.Thanks for the follow up.
Thank you very much for the answer. So even if I keep filing BK to resubmit the lone mod application, the mortgage company can't stop me? I'm scared that some how they have a way to ignore the BK and sell my home at auction.
Can I save my house even after the foreclosure sale?
When lender try to foreclose my home, do they send me foreclosure law suit first or can they just do it?
They would have to send you notice here.And you would have the chance to respond and contest.You also could file bankruptcy here and the automatic stay would stop it for awhile at least.But you would receive notice from anyone trying to foreclose on your home.Legally they have to give you such notice.
You may also want to talk to the lawyer about your options they might help you find refinance and a lender that will agree to work with you.I do believe you still have these options and a lawyer locally might be able to help you resovle these issues,
Thanks again.Good luck here, thanks for your positive ratings.It is always a pleasure to work with you and give you the information you need.
I thought if you purchase a home that has judgment lien attached at auction, the lien follows with the home. But I read and article said"When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out." is this true?
Good day to you.Thanks for coming back.Hope all is well.Here if there was a judicial foreclosure where the lien holder was served and noticed then yes the liens may be wiped out by the court.But if this was a non judical foreclosure sale then the lien may not be wiped out but go with the property.And most foreclosures in California say 99% or so are non judicial foreclosures under a deed of trust.If the lien is not wiped out then the person buying it has to resolve it or if the lender is buying it back then they have to resolve it to be able to resell the property.Here is reference on that issue..http://www.car.org/legal/leader-articles/deficiency-judgments-ca-law/?view=Print&url=http://www.car.org/legal/leader-articles/deficiency-judgments-ca-law/
Thanks for letting me help you today.Let me know if you have more follow up.Thanks as usual for giving me the chance to provide you the information you needed.
There is a judgment lien attached to our home. The judgment is against me only. Are they allowed to attach a lien on our home that are owned by me and my wife as joint tenant? The judgement is not against my wife.
What if me and my wife get divorced and my wife takes the home. Will the judgment line get removed or follow with the home? Again, the judgment is only against me but not my wife.
I read the link that you gave me and it was very helpful. You said earlier that if this was a non judicial foreclosure sale then the lien may not be wiped out but go with the property. But when I read the "3. Special consideration in non-judicial foreclosures." It says " a foreclosure on a senior lien extinguished (wipe-out) junior liens on the same property.
How does levy work? A judgment lien holder collect little bit of money from my bank before but they haven't collected money from my bank account since then. they can only collect each time they request to a court to collect it? They can't collect money from my bank account continuously?
Bank levy or garnishment is a real sneaky deal.They make application to the court that has the judgment and get garnishment order for accounts in your name.They can take all the funds here up to the amount of the judgment.So you want to keep funds out of your name here.Either you rent a safety box and go cash only or keep funds in someone else' s name here and social.Overall this is very real threat and if they get the account numbers they can keep coming back,As far as the one account that was levied I would close it out or keep absolute minimal funds in it because it is still at risk.This would be the means here to avoid an ugly surprise and loss of funds here so be careful.Reference to the process.http://thelawdictionary.org/article/how-to-avoid-a-bank-levy-in-california/As always it is my pleasure to assist you.Thanks so much for the chance to help again.
There is a high amount judgment lien on my home. We are about to settle the debt as 5 year payment plan. Can I remove the lien once I start making payments or do I have to wait 5years to finish making payments to remove the lien on my home?
I want to inherit properties safely to my son in the future. If I place my future properties into trust, will they protected from legal issues like judgments debts against me? How strong is trust law?
Can you also place a business(corporate) into a trust? How welll does trust protect assets?
Good afternoon and welcome back to JA. I appreciate your question and business.You can place a business in a trust.The trustee runs the business for the benefit of the beneficiary.An irrevocable trust would offer the most protection sine it is irrevocable but you don't have as much control of the trust itself and the assets.Here is good reference to trusts and their pros and cons for your information.http://www.assetprotectionattorneys.com/Domestic_Asset_Protection/Irrevocable_Trusts.aspx
LLCs are also used these days to protect properties from creditors..here is information about that as well.
Thanks again for letting me help you today.It is always a pleasure to do so.
Me and some creditor are trying to settle a case but for the mean time, my local attorney advised me not to go the debtor's examination. The creditor set up a debtor's examination meeting at court while a go but I didn't go so there is a arrest warrant on me. I had travel out side of country, the attorney advised me to reschedule the debtor's examination meeting date to be after my return date to avoid getting arrested at airport. So I did but didn't go to the 2nd debtor's examination also. The attorney told me only bail amount will be increased but not a big deal. I have to travel again soon and I have to repeat rescheduling. Is it ok to keep repeating this or will I get in trouble?
Is it possible for collection agents or attorneys to find information about my financial status such as mortgage loan balance or bank accounts?
Hi and welcome back and good morning.I hope you had a great thanksgiving.Yes they can access the credit bureaus and locate bank accounts and balances, etc.Anything that is reported to the bureaus can then be looked at by a creditor with access here.It is a common way to look for assets to either garnish or lien or otherwise try to collect against so aware of these.And then they sometimes use debtor examinations to confirm the information or seek to fill in what they don't have as far as assets here.So again be aware here that they are usually trolling for assets to try and collect against.
http://www.thecreditbureau.com/find-asset.htmI wish I could tell you otherwise.