When selling your home, a title search may reveal existing liens, and this can really complicate the selling process. A lien is a legal notice of an unpaid debt. There are different types and priorities of leans. Understanding which type of lien is on the property can make handling the lien a bit less overwhelming. Read on to explore liens and how to sell a house with liens in Tucson.
There are two types of consensual, or voluntary, liens, both of which can result in foreclosure if the debt goes unpaid. The first is a purchase-money security interest lien, such as a mortgage, where the home is used as collateral for its own loan. The other type of consensual lien is the non-purchase-money security interest, such as a second mortgage, where a lender uses the property as security for a cash loan.
Statutory liens are non-consensual or involuntary and are enacted through law. These are typically tax-related, giving the creditor secured interest on a property. Liens that result from court proceedings from a lawsuit 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 Tucson.
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 Tucson to recover the debt. If you cannot repay the debt, you may find you’d be better off financially if you take steps now.
Pay Off Your Liens
You could sell a house with liens in Tucson on your terms before further action by the creditor, and from the proceeds, arrange to pay off or resolve the debt on your terms. Because existing liens can complicate the process, it’s beneficial to work with a professional experienced in these listings, like those at Easy-Man Buys Houses.
When you pay off the debt, you will 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. If you’re paying off a federal tax lien, when paid in full, the IRS will provide you with the notice of the release, which you will forward to the county to remove the lien.
Sell Directly to Easy-Man Buys Houses
If you find yourself short on money, time, or the patience necessary to deal with the hassles of listing and showings, call Easy-Man Buys Houses instead – we can help. The professional investors at Easy-Man Buys Houses 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 a direct sale and discuss any concerns as well.
A direct sale to Easy-Man Buys Houses is a quick process; your closing could be in a matter of days or on any day you choose. We also offer moving help and other services as well depending on your situation. We don’t charge commissions, and there are no hidden fees; you won’t even pay closing costs. At Easy-Man Buys Houses, we will lay out the numbers side by side so you will know what the property would sell for through listing as well as all of the costs you would face by selling on your own. The pros at Easy-Man Buys Houses are your neighbors who live and work here in Tucson; therefore, we take every step to ensure you feel good about the deal from the first time we speak until long after closing.