Trying To Sell A House With Liens?
What is a lien? A lien is a legal notice of an unpaid debt. For example, suppose you feel the claim details are incorrect or that the creditor filed the lien on your property in error.
If you’re here reading this, then you’re already aware that you most likely have liens on the property that could potentially prevent you from selling or refinancing your home. Liens can vary in many different ways and depending on the type of liens you have, how much those liens are, and when they were filed, will all determine how sellable your house actually is. If you’re unaware of any of this, you can easily reach out to a title company to see if they can run a title commitment on your home. Keep in mind that this isn’t a free service.
Should the process of a title search reveal any existing liens, it can certainly hold up the process of the sale of your home. In that case, an attorney (and sometimes the escrow officers at the title company) can assist you in researching the history and helping 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. In most cases, the date the lien was actually filed, determines repayment priority. However, this isn’t always the case for every lien. There is a such thing as a priority lien that can jump in front of all other liens filed, no matter the filing date. Understanding which type of lien is on the property can make handling the lien a bit less overwhelming. Here is a list of a variety of different types of liens and how you can sell your house with these liens in Dallas.
Consensual Liens
There are two types of consensual liens, also referred to as voluntary liens. As the name suggests, consensual liens are those to which you voluntarily consent to like a loan for example. When you are lent money, the lender usually files a security document to protect their interest. This document allows the lender to take possession of the property by means known as a foreclosure in Dallas. Another 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.
Non-Consensual 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 Dallas.
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 Dallas to recover the debt. But this really depends on the type of lien, because not all liens have this power. If you cannot repay the debt, you may find you’d be better positioned financially in the future by taking steps now.
Pay Off Your Liens
You could sell a house with liens in Dallas on your terms before further action by the creditor. Because existing liens can complicate the process, it’s beneficial to work with a professional experienced in these types of issues, like the professional investors at North Texas Cash For Homes.
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 recorder. You should be aware there may be 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 North Texas Cash For Homes
If you find yourself short on money, time, or the patience necessary to deal with the hassles of getting your liens released prior to reaching out to a Realtor, then call North Texas Cash For Homes instead – we can help. The professional investors at North Texas Cash For Homes have helped other homeowners just like you overcome the hurdles that liens can throw at you. We’re happy to answer any questions you have about selling directly to us and help ease your mind of any concerns.
A direct sale to North Texas Cash For Homes is a quick process; your closing could be in a matter of days or slightly delayed if you need just a little more time to move. Sometimes getting the liens released can take a little while as well. Just depends on how responsive the lien holders are. The professional investors at North Texas Cash For Homes don’t charge commissions, and there are no hidden fees in our straightforward contracts; you won’t even pay closing costs. At North Texas Cash For Homes, we will lay out the numbers side by side so you will know what the property would sell for through listing 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 if the offer is fair. The professionals at North Texas Cash For Homes are your neighbors who live and work here in Dallas; therefore, we take every step to ensure you feel good about the deal from the first time we speak until long after closing.
Save time, save money and make the process easy on yourself by working with North Texas Cash For Homes to sell a house with liens in Dallas and walk away from the closing with cash in hand. Contact [company] at 214-761-3150.