Judgment Liens
A judgment lien is one of the worst things to happen to someone who owns real estate. In Nevada, judgment liens are controlled by Nevada law, in NRS 68.040. A judgment lien ties up the title to your property for up to six years and can be renewed repeatedly. As a result, a judgment lien, like a Vampire, can enjoy virtual immortality. A judgment lien will also appear on your consumer credit report, which is one of the most damaging issues that may be on your credit report.
If a creditor sues you and wins, their Court judgment can be recorded with the County to force you into paying the debt. The lawsuit may have been over a credit card debt, a medical bill, a car accident, or a dispute over any other civil matter. Your choice may appear to be either pay or settle it. Fortunately, experienced debt lawyers such as Las Vegas Debt Settlement are familiar with loopholes to remove a judgment lien, such as [specific examples of loopholes].
Even though a judgment lien can be removed, take it seriously. A judgment lien affects the title to any real property you own in the County. When a lien is in place, the owner no longer wholly owns the property. Instead, the owner loses the “clear title” to the property, and ownership is now “subject to the lien.” The party holding this lien must agree to remove it or take legal action to remove it. An owner can only transfer a clear title if the lien is released.
Releasing a lien can require paying the total amount of the judgment plus interest and, of course, any legal fees. Payment would be made to the lienholder, who then issues a lien release document. This document is then filed with the County Recorder, and this officially releases the lien. Judgment liens can substantially affect someone’s property ownership interests. These liens won’t disappear when the owner signs a title document to someone else.
In some situations, a judgment lien can be removed by a particular proceeding in bankruptcy court. But bankruptcy doesn’t automatically remove a judgment lien.
Judgment liens can also be removed if the real property affected by the lien is your home. However, under Nevada law, you must record a Declaration of Homestead to obtain this benefit. This process involves completing a two-page form (available on the County website) and paying the County Recorder a fee of around $45.
While most creditors with a judgment lien will not try to sell your property by the foreclosure process due to the Homestead laws, creditors often fail to follow the laws correctly. If you are faced with a judgment lien that takes away your legal rights to the title of your home or any other real estate, contact Vegas Debt Solutions. This law firm has the experience to remove this lien and restore your property rights.
Unfortunately, people only discover a judgment liens once they wish to sell the property. Since it can take some time to remove a judgment lien, taking time to remove the lien may jeopardize the sale. In other circumstances, the heirs may discover judgment liens when someone dies. Unfortunately, even death does not release a lien. Experienced legal action is required. Title companies will pay off the lien when they sell the property. However, title companies do not represent your interests in issuing title insurance.
They only can act as a neutral third party to a transaction of limited scope. As a result, will not look at ways to remove the lien. If someone relies on a title company to enforce their legal rights to remove a judgment lien, it will likely cost a property owner or their heirs thousands of dollars. It’s important to understand that it is not the job of a title company to represent a property owner. Further, title companies are not equipped to handle judgment liens most cost-effectively. Retaining a law firm like Las Vegas Debt Settlement to solve a judgment lien can save you significant money.
