Have you been turned down by big banks due to judgments and liens on your credit report? We understand how frustrating it can be, and we specialize in helping clients with judgments and liens find the funding they need. We can get mortgages approved!
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A judgment is a court’s ruling in a legal case, typically regarding the amount of money owed by one party to the other. When a creditor files a legal claim against you, the court will decide whether to grant a judgment in their favor after considering both sides of the case.
If the judgment is in favor of the creditor, a court order will be issued against you for the amount owed, plus interest and any court costs.
This may allow the creditor to seize assets or garnish wages. Small claims court usually handles debt-related judgments up to a certain amount, while larger claims can reach the Supreme Court level.
A judgment lien is a type of lien that a creditor registers against your personal or real property, such as:
This gives the creditor a legal claim to an interest in your property and allows them to be paid if you sell or transfer it. To place a lien on your property, a creditor must first obtain a court judgment against you unless you have permitted them previously.
Talk to one of our experts to thoroughly understand the Judgment and liens process.
A lien refers to a creditor’s legal interest in another person’s property, whether voluntary or involuntary. It can be placed on various property types, including houses, cars, boats, and more.
Real property, such as land and fixed structures like homes, falls under this category, while everything else is considered personal property. Essentially, a lien is a security measure for a creditor to ensure they can be paid back if the debtor defaults on their obligations.
Numerous types of liens can be imposed on your property, which may include:
Liens originate from nonpayment of debt, and creditors who pursue these remedies include Canada Revenue Agency, Family Responsibility Office, Municipal Property Tax Office, Unsecured Creditors (Banks & Credit Card Companies), and contractors.
Major financial institutions dislike being forced to sue a client or obtain a lien to recover their money and tend to decline any mortgage application that indicates this type of indebtedness or history.
TurnedAway.ca has been helping clients avoid litigation through proactive mortgage financing and has helped thousands of clients satisfy legal obligations for over 30 years. We are here to help. Let us take the guesswork out of your legal dilemma and allow us to get your creditors off your back.
Removing a lien or judgment can range from a relatively simple to extremely complex process, depending on the type of lien and your financial situation. In general, three main methods exist for removing a lien or judgment that may be attached to real or personal property.
Settling any outstanding debts, such as a mortgage, outstanding judgments, and other liens that you may have on the property, is referred to as paying off existing liens.
If necessary, you can request the creditor who initially placed the lien (or their legal representative, if applicable) to eliminate the lien.
When deciding to file a consumer proposal or declaring bankruptcy, it’s important to talk to the experts to know all your options. Talk to one of our experts today to get the help you need in understanding and dealing with removing a lien or judgment.
We understand that having a lien or judgment can be a stressful and overwhelming experience, which is why we are here to help.
With a commitment to transparency, honesty, and customer satisfaction, TurnedAway.ca has built a reputation as a trusted partner for those facing challenging financial situations.
We have connections with a wide network of lenders and financial institutions to find our clients the best financing options, even in difficult circumstances. Connect with the right mortgage broker today – Contact TurnedAway.ca!
