As a homeowner in Miami, it can feel impossible to sell your house with liens or tax problems. If you don’t have the cash to pay off the debt, you could end up stuck with a property that drives you further and further into debt.
But don’t panic! Today’s post will explain how to handle property liens and explain what you can do to sell your house no matter what you’re up against.
What Is A Lien?
A property lien is a legal claim on assets that allows the holder to obtain access to the property if debts are not paid. A property lien must be filed and approved by a county records office or state agency. It is then delivered to the property holder with specific terms notifying them that action has been taken to repossess a piece of property.investopedia.com
In the case of real estate, your lender may place a lien on the house if you’re failing to keep up with your monthly mortgage payments. Homeowners can also face a mechanic’s lien or a judgment lien when work is performed on the property, but the contractor is never paid. If the homeowner cannot pay off the lien, the issuing party can foreclose the property. Placing a lien on the property means you cannot sell the house until the debt has been repaid in full.
Sell Directly To Sunshine State Buyers
With a direct sale of your house to our team at Sunshine State Buyers, you can leave the liens and tax problems behind. They’ll be no need to find the money to pay off liens or pay off your back taxes. Our company will handle everything, debt included! Plus, the process is simple, taking a matter of days – not weeks, not months!
Create A Repayment Plan
Of course, the thought of paying everything you owe all at once can feel overwhelming. That’s why many creditors will work with you to create a payment plan to help you pay off your debt. So don’t give up straight away! Reach out to the creditor to try to work something out.
Ultimately, their goal is simply to collect what they are owed. If you show that you’re trying to make an honest and genuine effort, it’s likely that your creditors will be more forgiving and willing to work with you.
Once the liens are lifted from the property, you can sell your house. Just bear in mind that this can take a considerable amount of time depending on how much debt you’re in.
Dispute The Lien
If you disagree with the lien that’s been issued against your property, you can dispute it. Just remember that you must have a strong and justified rebuttal, otherwise, it’s not worth your time.
Plus, you’ll need to have supporting documentation and a valid case against the creditor. To strengthen your case, start fighting the lien as soon as it is placed against your home, if not before. It would be even better if you can prevent the lien from being placed on your property at all.
If you want to dispute a lien based on your contractor’s poor performance, be sure to keep detailed records of everything.
- All of the money you spent to fix the errors
- What you were promised
- What you received
Don’t forget to include inspection records, dates, and photos as well. The more evidence you have the better!
Consequences of Not Resolving Your Liens and Tax Problems
Ultimately, if certain liens go unresolved, you could end up losing your home altogether. When liens go unpaid, the creditor can assume ownership of the property themselves through foreclosure. But all is not lost! Our team can help!