If I was just issued a notice to levy from the sheriff regarding an auto loan, can the finance companylevy my house?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I was just issued a notice to levy from the sheriff regarding an auto loan, can the finance companylevy my house?

My only income is 1163 month from disability .

Asked on April 22, 2011 under Bankruptcy Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If there there is some outstanding balance that you on a loan or otherwise, one option for the creditor, assuming they get a judgment in their favor and you don't pay the balance, is to seek a lien on your house. Fortunately, a lien like that does not work quite like a mortgage; most significantly, it does not allow foreclosure. Rather, the lien will encumber your title (or as they also say, act as "cloud" on title), so that you cannot sell the house without paying the lien off. Thus, it can impact your ability to take equity from the home, to move and downsize, etc., but it will not result in you being turned out of your home, and would only affect your estate, not you, if you remain in this home until you pass.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption