Judgements and Property Liens
What is a judgement?
A judgment lien is a type of non-consensual lien (a lien that attaches to your property without your agreement). It’s created when someone wins a lawsuit against you and then records the judgment against your property.
Who can put a lien on a property?
Liens originate from nonpayment of debt and creditors who pursue these types of remedies include Canada Revenue Agency, Family Responsibility Office, Municipal Property Tax Office, Unsecured Creditors (Banks & Credit Card Companies), and Contractors.
If you have recently purchased a furnace, an air conditioner or any other kind of home equipment on a rent-to-own basis or a loan, the companies are now registering liens for the full amount of the equipment plus the interest from the loan. Some unscrupulous companies are not even disclosing this fact until the homeowner discovers, usually at the time of refinance, that a lien has been registered on their property.
Has your bank declined you because a creditor has sued you and obtained a judgment or lien against you or your property?
Major banks and financial institutions tend to decline any kind of mortgage application that indicates there are registered liens on a property. It indicates a type of indebtedness that is not desirable and therefore traditional banks commonly reject these mortgage applications.
Some kinds of judgements are also recorded on the borrower’s credit reports. This has put them in a tough situation at the time of refinancing their home. Even when they have made all of their mortgage payments on time and are in a good financial situation, a property lien or a judgement can dampen the chances of a mortgage renewal or refinance with your own bank.
Financing Solutions for Judgements and Property Liens
If you are facing legal action or a creditor is in a position to obtain a lien it is best to be proactive, rather than reactive. Even if the creditor has already obtained a lien and registered it on your property, you can still do something about this.
If you have been rejected because of a legal remedy that a creditor has sought, then seek professional advice. We are here to help. We can help you get your creditors off your back.
How 911 Mortgage Brokers can help
911 Mortgage Brokers – The Mortgage Centre has been helping clients avoid litigation through proactive mortgage financing and has helped thousands of clients satisfy legal obligations and avoid further accumulated interest, penalties and legal fees.
In this ever more litigious world we live in, we understand that sometimes disagreements arise between borrowers and creditors which can end up in a lawsuit and which can result in collections and judgements against homeowners. If you have a debt in the process of going into collection, or if you are already facing a disgruntled creditor, it may be more proactive and cost-effective to find a financing solution than ending up at an expensive court trial.
This is where an experienced mortgage broker comes in and can make all the difference. Our 911 Mortgage Brokers are known for providing out-of-the-box creative solutions. We have the expertise and know-how to deal with these unwelcome situations, swiftly and efficiently, to provide the right financing solution.
We can help you, as a homeowner, to keep your home while saving you the unnecessary hassle, stress, and cost of a legal battle. Whether it is a mortgage renewal, refinance, home equity loan, second mortgage or private mortgage, we have the tools, know-how and more than 50 lenders nationwide ready to help you fund your mortgage or loan option.
Call Us Today at 289-318-0911 or Toll Free at 1-888-377-0911 for a free confidential consultation to discuss your options.
Our Service Areas
911 Mortgage Brokers – The Mortgage Centre offers services to clients across Toronto and the GTA, Vaughan, King, Aurora, Stouffville, Newmarket, Markham, Richmond Hill, Barrie, Innisfil, Orillia, Collingwood, Oshawa, Ajax, Whitby, Mississauga, Brampton, Caledon, Burlington, Oakville, Milton, Bolton, Hamilton, St. Catherines, Niagara Falls, Windsor, Kitchener, Waterloo, London, as well as far as Muskoka cottage country, Ottawa, Simcoe, and the rest of Ontario.
