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judgment vs the life estate

Can a judgment/lien be placed against a person who holds a life estate on property creating a lien on the premises which she holds the life estate

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bana,

As far as I know, a life estate does not help a person to become the owner of the property. If a person is not the owner of the property, then his/her creditors won't be able to place a lien on the property. I would suggest you to have a word with a real estate attorney in this regard and take his opinion.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:49 | Post subject:

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

No. The Life Tenant doesn't own the property - it's owned by the Remainder Man

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband has a judgement agaist him and he has a home (he does not live in) by quit claim from his mother as she has a Living estate on the home. Can a lien be put against the property since he is the deed holder even though she will reside in the home til she dies?

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raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

>>Can a lien be put against the property

Yes. He holds Title so Judgements can be placed against it.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi My Mother owns a home and my sisiter and I are named as life estate co owners if one of us gets a judgement against us can a lien be placed on the home if so for what precentage?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

As far as I know, if you're one of the owners of the property, then the person getting a judgment against you will be able to place a lien on that property. As far as the percentage is concerned, a real estate attorney will be able to let you know about the same.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

A friend of mine owns a house in Alabama. Her husband owns a life estate in the house (which I understand means he has the right to live in the house until he dies). The life estate was sold at auction for $10,500.00. Can my friend's husband redeem the life estate for auction price...if so, how long does he have to redeem it.
Also, can person who bought the Life Estate at auction have the owner of the house evicted?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi moorod,

You need to contact an attorney in order to find out whether or not your friend's husband will be able to redeem the life estate. Moreover, it will be the discretion of the purchaser whether or not he will sell it off.

I don't think that the person, who bought the life estate, will be able to evict the property owner from the property.

Thanks

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