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MoMoJuice | Info about a lien on a house? |
My parents have a lien on their home. The company who put the lien on the home is no longer in business, but the lien shows on my families credit report. They want to refi the mortgage, but no company is willing to consider them with the lien. Does anyone know how long a lien stays on a credit record and what you need to do to get a lien off if the company is no longer in business? |
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ButterFlyAngel
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Momo it really does depends...
If the company that put a lien on their credit report is out of businness then check the credit report for any phone number and get contact with the agency and settle the payment.
Also make sure that your parents know what/who put a lien on the house. Also just so you know. you can pull public records from each house online. go to your county website and look for public records. there all the docs will be scanned and you will be able to see what was recorded on your parents property. A lien can also mean that a work was preformed and your parents did pay in full but the company didn't comply with a releise of lien. if happens alot. Example. if you have to do a re-roof to your house due to hurricane/hail damage. and you need to pull a permit. therefore to pull a permit you need to file with your county a notice of commincement. that document is used against the property to help the H/O and the contractor as well (just like if the h/o dont pay
if the work was done within 1year term this N.O.C is good till 1 year but most of the Title agencies don't know that so they request a simple form called notice of termination/reliese of lien saying that all work was done. the contractor paid all of the suppliers and the h/o paid the bill. so... good luck if you need additional info. people contact me at my e-mail
hope i could help |
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TheMom
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You should be able to track down the owner of the business to pay off the lien. If they lost their copy there should be a copy of the judgement at the county clerks office. As this sounds like a mechanics lien the state contractors board should have contact information for the business. The sale of the business does not automatically mean that your parent keep the money they owe.
Liens do not "go away" on their own, they have to be paid off. |
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loancareer
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It is not relevant how long the lien stays on the credit report. The unfortunate truth is that once there is a lien on the property it is there until it is satisfied.
If your parents try to refinance once the lien is no longer on the credit report it will show up on the title search.
Here is what I suggest: If your parents are looking to refinance have them move forward knowing that the lien must be paid. When the title company does their search they will be able to track down the current lien holder for you. At that point YOU, not your parents, call the lien holder and say you represent Mr. and Mrs. and you want to negotiate a settlement on the lien. Most companies will settle for 60% of the lien amount. Some won't take less tham 80%
Again, the title company should be able to easily track down the lien holder for you. That's what they do.
Good luck. |
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Ted
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A lien is used to secure an unpaid debt. It stays on until the debt is paid. The right to collect a debt is an account receivable and an asset to the company who placed the lien. If the company is out of business, the right to collect the debt went to someone else, either the owners or the creditors of the company (if it was bankrupt). If you can't trace the company, then you may have to pay your state's unclaimed property office. You may have to consult a local attorney familiar with your state's laws. |
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Alterfemego
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They will need a real estate attorney to help them get it removed. |
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DeWayne
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You have two issues that you are dealing with. The answer to your question is it depends. If the entry on the credit report was done through a court action the answer is 10 years, other wise it is 7. However, the other issue you have is the title of the property. Those lien don't go away, they are a matter of public record and will remain until a lien release is filed. If the company is out of business you have to track down what happen to the assets of the company, someone somewhere has them. Knowing what type lien, and the company who originally had the lien may help you to find them. Perhaps a title company can help. They deal with these things often. |
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simran s
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check this link its good
http://datentryworksworkathomeobs.blogspot.com/
. |
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Bob D
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Your parents need a real estate lawyer to clear this up. They know the local laws. |
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Michael
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A lein most of the time is another word for mortgage. With that said if a company goes out of buisness the lien just doesnt go away. Who do they pay monthly? Did the company sell the loan? Many mortgage companies sell off the mortgages after they close to reduce liability and hassle of foreclosure. My suggestion is if you cant call any old numbers and get answer is to call the credit bureau and ask who is reporting the information on your lien. They should be able to tell you.
Goodluck. |
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rnandaya227
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you have a lien? a-lien? alien? get it? lol |
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