Selling a House With a Lien In Texas
A judge can issue a lien on a property anywhere in Texas. A lien allows a group to hold possession of the property until that debtor pays off the expenses, and the debt is discharged. The plan should provide enough control over the sale and that you have an idea for your property.
The creditor who holds the property under the lien has the right to sell the property to collect the funds necessary for covering a judgment. The creditor may still allow the debtor to have time to pay off the debt.
You would be unable to sell your home and keep the proceeds from that sale if your property has a lien. But Texas state law does allow you to sell a house with a claim. The rules that come with handling the transaction will still be essential to note.
Why the Lien Exists
A property lien exists mostly due to tax-related concerns. You may have unpaid taxes, homeowners association dues, or other expenses associated with the property. These include fees that go outside the mortgage.
Anyone that you owe money to has the right to request a lien on your house. You have to stay current with payments, or else someone might try to impose a claim.
How Can You Lose That Lien?
You can remove the lien on your property if you are careful. You could negotiate with whoever filed the claim to resolve the issue. Sometimes you might pay a percentage of the total you owe to relieve the lien, but not all creditors are this generous.
The other option involves selling your house. The effort is about covering the expenses in the lien, but your ability to repay your lien will take away from the profits you earn.
Selling the House Fast
The home sale process will involve selling it on the open market or through a wholesaler. You would have to review what you owe in your lien versus the reason you are selling the property. The sale price must cover whatever you owe on the claim. You may still collect some of the funds from the sale, although the terms may vary over how well you can handle the transaction.
The sale would have to be confirmed by the court and reviewed to ensure the lienholder the money will receive it as necessary. You can use the deal to get out of the house and get into a different property, but you have to confirm the value of the sale first.
We Pay Cash for Houses in Dallas, TX
You can ask us at Super Cash For Houses if you have any further questions surrounding how you’re going to sell your home for cash in Dallas. The home sale process is easy to follow when you work alongside someone who understands the needs you hold, especially when you have a lien on your property. We want to see that you can handle a sale well and that you can get the lien covered regardless of its value or the creditor you are trying to satisfy.