How to Sell a House With Liens in Boise – Existing liens discovered during the title search process will undoubtedly clog up the selling of your house in Boise gears. A lien is a legal notice of a debt that has not been paid. Assume you believe the claim data are wrong or that the creditor erroneously filed a lien on your property. If this is the case, an attorney can help you explore the debt’s history and negotiate a final payment if the obligation is real.
Liens have varied priority levels against the obligation, and when the property is sold, the order of payment is determined by the highest priority lien. The date of filing determines repayment priority, though this is not always the case. Knowing which form of lien is on the property can make dealing with the lien a little easier. Continue reading to learn more about liens and how to sell a house in Boise with liens.
Consensual Liens
There are two types of liens: voluntary and consensual. With any type of lien, the lender can take possession of the property, which is known as foreclosure, which culminates in an auction to sell a house with liens in Boise. The first is a purchase-money security interest lien, such as a mortgage, in which the loan is secured by the asset used to acquire the residence. The non-purchase-money security interest, such as a second mortgage, is another type of consensual lien in which the debtor uses the property as collateral for a cash loan.
Non-Consensual Liens
Statutory liens are non-consensual or involuntary liens that provide a creditor a secured interest in a property. They are often tax-related and are enacted by operation of law or statute. The secured interest may be pursued and the property auctioned by the creditor. Judgment liens are liens that arise from court proceedings as a result of a lawsuit filed by an individual or company. Finally, if the borrower fails to meet the loan terms, this sort of lien permits the creditor to seize the property’s title and sell a house in Boise with liens.
Creditors seeking repayment can place a lien on a property and get payment if the property sells, or they can seize the property and sell a house with liens in Boise to recoup the loan. If you are unable to repay the debt, you may discover that taking action now will put you in a better financial situation in the future.
Pay Off Your Liens
You might sell a house with liens in Boise on your own terms before the creditor takes action, allowing you to pay off or settle the debt on your own terms. Because existing liens might make the process more difficult, working with a person who is familiar with these listings, such as the professional investors at Boise House Buyers, is a good idea. When you’ve paid off the loan, you’ll need to ask the lender, a local attorney, or your local government for a release-of-lien form. This paper must be notarized before being filed with the county recorder. You should be informed that there may be filing fees associated with the process, which makes the lien release public. When you pay off a federal tax lien in full, the IRS will send you a release of the notification, which you will send to the county to have the lien removed.
Sell Directly to Boise House Buyers
If you don’t have the money, time, or patience to cope with the difficulties of listing and showings, give Boise House Buyers a call — we can help. The skilled investors at Boise House Buyers have helped other homeowners just like you overcome the challenges that liens can present; we’re happy to answer any questions you may have regarding a direct sale and alleviate any fears you may have. A direct sale to Boise House Buyers is a short process; your closing could take a few days or be somewhat delayed if you need a little more time to relocate. The expert investors at Boise House Buyers don’t charge commissions, and our transparent contracts have no hidden fees; you won’t even have to pay closing costs. We’ll compare the numbers at Boise House Buyers, so you’ll know how much the property would sell for if it were listed, as well as all of the fees you’d incur if you sold it yourself. Then we’ll go over our offer in detail, so you can judge for yourself whether or not it’s a good deal. Because the professionals at Boise House Buyers are your neighbors who live and work in Boise, we go out of our way to make sure you’re happy with the deal from the first time we speak until long after it’s closed.
Working with Boise House Buyers to sell a house with liens in Boise and walk away with cash in hand can save you time, money, and make the process easier for you. Boise House Buyers can be reached at (208)314-1350.