If you have a lien on your property, it means a creditor has claimed that you owe it money. A judgment lien on real property is a lien that attaches your property without you having agreed to it. A judgment lien comes into effect when an entity, be it a person or company, wins a lawsuit against you. For the lien to become effective, most states insist the creditor granted the judgment records it with the county or state. In a few states, the judgment automatically results in a lien being placed on the property.
When you first arrange a mortgage to buy a house, you agree with the lender. The agreement obliges you to satisfy the debt over a fixed period. The amount of money borrowed to purchase a property is usually quite large. To reduce the risk, the creditor requires something of equal value as security. You can voluntarily provide the mortgage holder with rights that allow them to foreclose on the property. Real estate judgments are different. The creditor can only recover the property after they have won a lawsuit against you. When a judgment has been placed on the property, it can be sold to companies like Mayflower Capital Company. By selling your real estate judgment, liens or debts that remain will be extinguished, and the amount of the lien will be deducted from the proceeds of the sale.
There are several ways to get a lien on your property released. Selling judgments for cash is a method often used. Getting a judgment lien is one thing. Turning the judgment into cash is often something else again. Selling real estate can be a time-consuming, often expensive, process. Your sell judgment is an asset that can be sold, meaning you can get your money quickly.
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