Chicagoland Real Estate Liens Lawyer
Commercial and Residential Real Estate Lawyers Helping With Liens Against Real Estate
When a party prevails in litigation, the court may order the losing party to pay the winner a monetary award. The litigation may concern a breach of contract, personal injury, or any other civil matter. If the party against whom the judgment is entered fails to pay what they owe according to the court order, they might be treated as a delinquent debtor to the winning party, now a creditor. One route to debt collection is to obtain a judgment lien against property owned by the debtor.
If you own a piece of property subject to a judgment lien, you have limited options to protect your property, and you need to act quickly to preserve your rights. The Illinois real estate lien attorneys at Pluymert, MacDonald & Lee, Ltd. can help you explore your options and protect your property, whether it be your family home or a piece of commercial real estate.
On the other hand, if you have obtained a judgment against another party after prevailing in litigation, our litigation attorneys will help you collect the judgment you are owed. We’ll help you utilize judgment liens and other methods to ensure that your verdict is properly paid.
Call the Chicagoland real estate liens attorneys at Pluymert, MacDonald & Lee for advice and representation concerning your real estate lien.
What Is a Lien?
A lien is a legal document that becomes attached to the subject property. The lien gives a creditor the right to enforce a judgment against the property of a debtor by effecting a foreclosure sale. A lien attaches to a specific piece of property, as opposed to the debtor against whom the judgment was rendered. The lienholder can collect the proceeds of the sale in order to repay part or all of the debt involved in the judgment that led to the lien.
To obtain a lien, the creditor must satisfy certain additional legal requirements beyond obtaining the judgment. For example, the lien must be recorded with the Recorder of Deeds in the county where the property is located. The lien will stay in effect for seven years even if the creditor does not foreclose. Liens can be renewed twice, for a total of 21 years.
Foreclosing on the Lien
If the creditor chooses to enforce their judgment lien, the creditor can foreclose on the property, force a sale, and collect what they are owed from the proceeds. Enforcing a judgment lien occurs much the same as a mortgage foreclosure. If there are any other lienholders on the property, the creditor must include the other lienholders as defendants in the foreclosure action in order to resolve all claims. Different creditors can have different levels of priority when collecting the sale proceeds.
Creditors must give proper notice to all interested parties in advance of foreclosure and in advance of the sale. Per Illinois law, notice of the sale must be published in a local newspaper and other public places. The sale will take the form of a public auction, after which the court must approve the sale as well as payment of associated costs and expenses.
If you are seeking to enforce a judgment lien, or your property is subject to a lien and your creditors are threatening foreclosure, discuss the matter with a knowledgeable real estate liens attorney. Our Illinois real estate liens legal team will apprise you of your rights and obligations and make sure you satisfy all legal details to protect your rights, your property, and your finances.
Redemption Rights of the Debtor
Even if the creditor has enforced the lien and forced the sale of the property, the debtor has the right to buy back the property. Debtors have the right to recover their property within six months of the date of sale. The debtor must pay whoever purchased the property the full price they paid plus 10% interest. If you are interested in repurchasing your property after foreclosure, talk to an experienced real estate liens attorney in Illinois.
If you’re in need of talented, comprehensive, and effective legal representation for your Chicago-area commercial or residential real estate transaction, contact the offices of Pluymert, MacDonald & Lee, Ltd. for a consultation, in Hoffman Estates at 847-310-0025, or in Des Plaines at 847-298-5030.