Judicial Liens and Tax Liens

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Bennie Smith Jr. was looking for a way to build his wealth quickly when he bid on two property tax liens in Decatur, Illinois. He bought one on a vacant home in his former neighborhood for about.

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First, the court pointed out that generally municipal tax liens are superior to federal tax liens, regardless of when the federal tax lien is recorded. Second, foreclosure typically extinguishes all junior liens, so when the Village foreclosed, it could have wiped out the federal tax liens.

Judicial liens arise from judgments in law suits. Statutory liens are created by a statute in the law; tax liens and property tax liens are the most common statutory liens.

CLEVELAND, Ohio – Cuyahoga County has sold $6 million in liens on 619 tax-delinquent properties to Tax Ease Ohio LLC. Counties are allowed to bundle and sell tax liens, or the legal right to collect a.

In lien priority disputes, subrogation issues arise when a lien that is junior to the federal tax lien pays off a lien that is senior to the federal tax lien. Example: Assume that Bank has the first mortgage of $10,000 on Taxpayer’s property, the federal tax lien is second in the amount of $25,000, and Credit Union has the third lien of $30,000.

Federal Tax Liens. Federal tax liens most often arise from back income taxes owed by the homeowner. The Internal Revenue Service can register the lien on the property, even if it is the taxpayer’s.

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Judicial Liens. Judicial liens result from some form of court action. While state, and sometimes federal, laws often provide a basis for judicial liens and determine the property that they attach to and the procedures that must be followed to enforce judicial liens, they are not considered statutory liens because they are granted only through court action.

For instance, the Internal Revenue Service (IRS) might record a lien against your property for nonpayment of tax debt. Liens on unsecured debt come into being after the creditor sues the borrower in court (more in Credit Card Debt and Judicial Liens below). Credit Card Debt and Judicial Liens. All liens don’t come about the same way. A creditor creates a judicial lien (also called a "judgment" lien) after suing the borrower in court and getting a money judgment against the borrower.