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Non Consensual Secured Debts

Non Consensual Secured Debts

If this occurs the creditor may have the right to sell the property to recover the amount they are owed. Most creditors who have a non consensual lien on an asset prefer to wait until the property is sold to receive payment. Non consensual liens can include:

  • Tax Liens - Tax liens can be from local, state or federal taxes which can be enforced if an individual does not pay their federal, state or local tax bill. IRS tax debt is secured by placing a lien against the property or filing notice of an IRS federal tax lien.
  • Judicial Liens - Judicial liens are placed on property if another individual sues the debtor and the court awards a judgment. The county or state records the lien against the property creating a judicial lien.
  • Statutory Lien - Statutory liens can be created by the law automatically if an individual fails to submit payment to a contractor, supplier, mechanic (mechanic's lien) who has permanently improved or repaired their personal property. Statutory liens can also exist if a homeowner fails to pay Home Owner's Association dues.

More Help on Non Consensual Secured Debts

  • Creditor - Creditors can include businesses, individuals, organizations or the United State\'s government who is owed money for services or products provided to a second party in return for payment. - read more

  • Debtor - A debtor is an entity or person who owes a debt or a service to another person or entity which can also be called a Creditor. - read more

  • Lien - A Lien puts a hold on real or personal property and allows the property to be held as collateral for debt payments or services which are owed to another lender. - read more

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