Homeowners with a lien or a judgment against their property sometimes don’t know it’s there. When they sell their house, they usually find out in the title search. Liens are placed against the property by a creditor not paid for a service to the property.
Judgments are placed against the property by a judge in a lawsuit by the creditor against the property owner. That’s the difference between a lien and a judgment. How can homeowners sell their homes? We buy houses for cash Nj companies can help.
Who Pays The Lien Or Judgment?
Homeowners give the creditor rights to the property if they default on the payment such as defaulting on the mortgage payments. This means the creditor can buy the property if you don’t pay up. If the homeowner pays, he keeps the property. If not, he’s dispossessed of the property.
How To Sell The House
This is where we buy houses for cash Nj companies enter the picture. These are often investors looking for a house to flip and then resell or hold to rent out, which will repay their debt. Some are real estate agents themselves with resources to buy homes for cash and then resell the house.
Either way, homeowners selling a house with a lien or a judgment have options. Traditionally, liens are paid at closing. The debt is subtracted from the sale price. However, negotiations with the lien holder often work out due to lien holders wishing to accept something to dischsarge the debt.
These negotiations are better handled by a professional well versed in dealing with creditors holding a lien over your head. They’ll get better terms and a quicker payoff without harming your finances any more than they have been.
Save yourself some stress and financial worries by contacting professionals accustomed to these negotiations. Contact DNT Home Buyers and let them handle selling your house with a lien or judgment.
