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Can you place a lien on real estate then seize and sell that real estate to pay off credit card debts in the county of union NJ?
Wiki User
∙ 13y ago
So, the short answer is no, but there is a multi-step process represented within the question.
First, can one place a lien on real estate in the county of Union NJ? Yes, if you have a financial right to do so. Those that may place liens on properties include the following:
* Mortgage Lender (primary, secondary and lines of credit)
* Contractors (that worked on the house as primary agents only for unpaid bills)
* Tax Authority (for lack of payment of property taxes or any municipal taxes that have been tied to the property for collateral)
* Judge (if there is a civil case, the judge may award some party money and force a lien on the property to support covering the amount owed)
* Others (depends on circumstances)
Next, can one sell the real estate that has a lien on it? No - only the owner or the bank have the right to sell the property. The lien holder is merely a creditor at that point and has to "get in line" to get paid as a result of a sale.
Finally, can the proceeds of a real estate transaction be used to pay off credit cards? Yes. Assuming the transaction was a legal real estate transaction, the proceeds may be used for whatever purpose the seller wants.
Wiki User
∙ 13y ago
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