QUESTION
Are his payments and equity protected under the law from the liens?
Asked on Aug 20th, 2016 on Bankruptcy - Nevada
More details to this question:
I am a co-owner of my home with a friend. I have judgement lien on my property against me. The other co-owner has made 95% of the mortgage payment over the past 16 years.
4 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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No, since the title is in joint name the property is considered to be owned 1/2 by each of you.
Answered on Sep 14th, 2016 at 12:05 PM
No. Any refinance or disposition of the property may only occur after paying the judgment amount and accrued interest.
Answered on Sep 13th, 2016 at 5:18 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Generally a judgment against you creates a lien only against your interest in the property. However, the existence of a lien against you could make selling the property, or your co-owner selling just his own interest, more difficult. In many states, a judgment lien is inferior to your homestead exemption, so it has value only if you have equity in the property Greater than your state's exemption limit.
Answered on Sep 13th, 2016 at 5:18 PM
When your name is on the title to real estate, you are presumed to be the owner of the property. Regrettably, unless there is a state law that protects this ownership interest, the property will be tied up because of this lien. The title, not who made the payments, will be the controlling issue.
Answered on Sep 13th, 2016 at 11:20 AM