Creditors cannot take your home in Georgia, but they can place a judgment lien on it. To do this, creditors must first get a valid court judgment, typically a settlement or verdict requiring the payment of money. Creditors can utilize judgment liens to safeguard their financial interest in the debtor’s property.
Effect of a Judgment Lien?
A judgment lien is a court order that grants the creditor the authority to seize the debtor’s real or personal property.
However, when creditors attach judgment liens on residences, they seldom get paid until the debtor sells or refinances their house. The creditor has a claim to any proceeds that the sale or refinancing generates rather than the actual property itself.
How long does a judgment lien stay in effect?
Generally, your property will be subject to the judgment lien for seven (7) years.
Having a lien on your property does not mean you cannot sell or refinance it, especially if you are refinancing or selling your primary home. If you want to refinance or sell your house before the lien expires, you must pay off the lien, request that the court dismiss the judgment and remove the lien, or file for bankruptcy to have the lien eliminated or voided
Nevertheless, you should speak to an attorney if you have any lien on your home and wish to sell your property.
Diwan Law, LLC can Help You Explore Your Options.
At Diwan Law, we have knowledge of debt collection defense law, bankruptcy law, real estate law, and other pertinent practice areas.
We can assist you in resolving or defending yourself against a judgment lien.
Explore your rights and legal options with our attorneys – call us at (404) 635-6883 or contact us online to get started with a consultation today.
* The information presented in this article does not constitute legal advice. All information, content, and materials presented on this website are for general informational purposes only. If your business is sued, we encourage you to contact Diwan Law before taking any action.
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