I am foreclosing on a rental property, can the lienholder place a lien on my primary residence?
The rental property was previously my primary residence, but is now vacant (no tenant). We can not afford the payment as the interest rate has skyrocketed.
NO.
Unless your state offers a homestead protection, they can go to court in some states and obtain a judgement for any deficency balance and apply a lien for the judgement to all real estate.
Check with the county clerk’s office
Absolutely. Anyone can place a lien on your home for any monies owed. That’s why many people claim bankruptcy. A lot of people are in your shoes right now. Good Luck.
a judgement against you personally and a lienb are two different things. a judgement can be filed against you but a lien cannot be placed against your home. The only way a lien can be placed on a home is if the work done was to improve the condition of the home or if you sign an agreement allowing a lien to be placed on the home you are in ( this is done at the time of a loan) otherwise the home cannot be touched. A Judgement is a law suit that you loose and the party that wins the lawsiut goes after you to pay. This can only efect your house when you sell it as it will become due as part of the proceeds of the sale of the house
Hope this helps
Your question is somewhat confusing for two reasons.
First you say that you are foreclosing on a rental property – but it sounds as though you meant to say that you own a rental property that is being foreclosed upon. These are two different things.
I will assume you meant to say that you own a rental property that is being foreclosed upon, and will try to answer accordingly. But before I do, let me explain the second reason your question is confusing.
The second confusing thing about your question is that you do not say anything about the “lienholder”. Is this a judgment lien against you? Is this a lien imposed by law upon a particular property? Is this a tax lien? Is this a lien for a mortgage or loan upon real property? If so which real property – your residence or your rental?
I assume that you are asking if the person or entity who holds the lien that is being foreclosed – i.e. the lien on the rental property – can place a lien upon your primary residence. The answer is that it depends on what kind of lien it is. If it is for a mortgage or is a lien imposed by law upon the rental property then probably not. A lien that is imposed by law upon certain real property cannot usually be transferred to another property.
A lien created by a mortgage can be foreclosed (in most states) by judicial (court) proceedings or through non-judicial proceedings. After foreclosure of the mortgage lien most states do not allow the holder of the mortgage to try to collect any deficiency balance. A deficiency balance is the difference between the amount of the mortgage lien and the amount that the property sells for at auction.
However, if it is a judgment lien or tax lien then they probably can place the lien on more than one property. (And I hate to disagree with others who have posted answers – but a judgment becomes a judgment lien in different ways in different states. In most states after a judgment is rendered against you, an abstract of that judgment is recorded at the recorders office and it attaches as a lien to any real property that you own or that you acquire after the abstract is recorded.)
You should spend 30 minutes with an attorney and get an answer that you can rely on – as there are just too many unknown facts in your question to give a good answer. Most attorneys will give you a 30 minute consultation for free or for a greatly reduced price.
Hope this helps.