A lien may be imposed on your real property because of debt or another obligation. If you fail to fulfill that obligation, your creditor would have a legal right to seize that property for their benefit. A lien also makes you unable to sell the property, meaning you have to satisfy your obligations before its sale. In other words, once a lien is placed on your property, it basically serves as collateral and guarantees that the creditor gets paid, one way or another.
Our trusted real estate lien attorney at GK Law PLLC can provide valuable legal assistance regarding liens. Call us today to schedule a consultation!
We know that real estate property can be important assets that our clients have sunk much time and money into. A small mistake when dealing with liens can cause a major investment loss. Suppose you've run into legal problems that involve liens. In that case, getting in touch with our experienced real estate attorney from GK Law is best.
If you want to know what makes GK Law the best choice for your real estate problems, here are a few reasons why:
If you're an investor in real estate or a representative of a business facing lien problems, contact us. Our lines are open to discuss your case so you can find a resolution as soon as possible. Call us now for legal advice!
A lien is a public record attached to your property that basically announces that there is a creditor to whom the propertyowner owes money. It's a common way for creditors to guarantee that they are paid what they're owed.
There are voluntary and involuntary liens. As the names suggest, a voluntary lien involves a person willingly placing an asset as collateral. In contrast, an involuntary lien does not require the property owner's consent before it can be obtained.
For legal matters regarding liens, you can talk to our savvy attorneys at GK Law PLLC
There are many kinds of liens; however, not all of them are created equally. A lien priority determines which creditors are entitled to get paid first from the proceeds of a foreclosure sale. In general, the "first in time, first in right" rule applies, meaning that liens first recorded have priority over those recorded later. However, some liens have priority regardless of the rule.
If you don't pay back taxes in a timely manner, the IRS can have a lien placed on all your property. Other creditorsusually wait until a house is sold as they're automatically paid after the fact. IRS is not usually patient and can force a saleif you owe too much money.
If you get someone to work on your property - like renovations or repairs - the contractor can file what's known as a "mechanic's lien" if you don't pay them for their services. A mechanic's lien takes priority over a first-lien mortgage.
If someone sues you and wins, the court can attach an involuntary lien known as a judgment lien against your property. Once the creditor gets a judgment against you, they can record the lien in the county where the property is.
A tax lien can be made against your property if you fail to pay your taxes. This type of lien takes priority over almost all types. That means that if you or your mortgage service don't pay taxes, your property could go to a tax sale. If this happens, you and your lender can lose interest in the property.
Your HOA can get a lien on your house if you don't pay the HOA dues. In Texas, HOA liens have less priority than mortgage liens. Other states, however, have super-lien statutes which can make HOA liens superior and take higher priority.
As the name suggests, a mortgage lien is a voluntary lien levied for a debt you've acquired to purchase a home. When you first take out a loan to buy your home, the lender will check if the property has a clear title. If it does, you sign your mortgage, and the lender then records it as a first mortgage. You can still get a loan from another lender for a second lien on your property.
If you have questions about lien priority or what to do about liens, it's best to ask our real estate lien attorney! Call us today to schedule a consultation with one of the best attorneys in Houston.
Dealing with liens can be stressful. In effect, they hold your valuable assets hostage if you cannot settle your obligations. If you're a business representative or a real estate investor looking for legal assistance with liens, our attorneys at GK Law PLLC have you covered.
We are Houston's boutique law firm that focuses on business and real estate law. With years of experience, our attorneys can help you through the legal process in Houston. We've helped many clients with different real estate law issues, such as defective construction, real estate litigation, and title disputes. For corporate law, our services include business litigation, mergers and acquisitions, and shareholder disputes, among many others!
If you want personalized care handled with transparency and integrity, hire our Houston real estate lien attorney today! We will protect your rights and provide legal counsel through critical business decisions. Call us now to schedule a consultation.