I live in Calif and I am holding an IOU note for 10k loan. If I do not get paid by the agreed time, can I use this note to put a lein on the person's property? If yes, how?
2007-07-25 07:11:46 · 5 answers · asked by bboyballer112 2 in Business & Finance ➔ Renting & Real Estate
You go to the couthouse/land records office and record your lein on the property.
2007-07-25 07:15:19 · answer #1 · answered by Suzy 5 · 1⤊ 0⤋
If the lien used real property as collateral then just go to the courthouse and file a "notice of default", if it is a then you will need to approach this defaulted IOU thru civil action and a judgment will be entered in public records, thereby becoming part of any future title or abstract searches. But, remember that in some "community property" states paying off of such a lien may still be avoided if eligible for a "continuous marriage affidavit" is recorded.
2007-07-25 15:14:06 · answer #2 · answered by Etta P 4 · 0⤊ 0⤋
You can only put a lien on the property if you won a lawsuit or you are a contractor who was not paid. The above posters are incorrect, Tom Dick and Harry can not go around placing liens willy-nilly. You have to have a court order giving you the right. The county office is not responsible to determine if your IOU is legal and enforceable.
2007-07-25 14:58:41 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I doubt you can put a lein on property unless it was used as collateral in the IOU. It would be easier to get a court order to garnish wages to recover the money.
2007-07-25 14:20:48 · answer #4 · answered by Truth is elusive 7 · 0⤊ 1⤋
i live in california and what Suzy said is correct!
Great answer Suzy....
:)
2007-07-25 14:48:17 · answer #5 · answered by Blue October 6 · 0⤊ 0⤋