Selling a home in Milwaukee is a difficult undertaking. It can be a lot to manage, from marketing and staging to dealing with payments and documentation. It gets more complicated if you have a judgment against your property. With the correct approach and tools, you can still sell a house fast in Milwaukee. This article explains your alternatives and what you should know about selling a home with a judgment lien.
Types of Judgments That May Affect Your Property
Judgment liens can be on several different unpaid debts or legal obligations, for example:
- Property taxes
- Child support
- Bankruptcy proceedings
- Personal injury or property damage lawsuits
- Other court-ordered payments
Unlike consensual liens, such as mortgages, judgment liens are involuntary. It is placed under such circumstances that creditors are paid.
Can I Sell a House With a Judgment?
Although it takes more work, selling a house with a judgment is possible. You must take care of the lien before or during the sale because most buyers want a clean title. Here are your options:
1. Pay the Judgment at Closing
The sale proceeds may simply be paid out of the escrow to pay out the lien. You don’t get all the money because part of it goes into paying that creditor.
2. Deal With Creditors
Acceptability of a reduced sum is sometimes engendered, especially when the creditors understand that a sale would be the best option to recover debt from the debtors.
3. Sell to a Cash Buyer
Cash home buyers in Milwaukee are experienced in handling complex scenarios, including judgment liens. In most cases, they close deals quickly and address all the legal and financial issues that help to make the process easy for you.
Understanding Redemption Rights
In Milwaukee, Wisconsin, homeowners possess a right of redemption, meaning they can regain the property following foreclosure by paying off the debt, interest, and costs as they accrue. This process is typically short (five to six months to a year). However, it requires a lot of funds.
In the case of foreclosure, selling your house before foreclosure is sometimes a better idea. When you sell to cash buyers, they can help you escape foreclosure and quickly move on.
How Long Do Judgment Liens Last?
Judgment liens expire, but the timing depends on the state. In Wisconsin, sometimes creditors can request a renewal. An attorney is a good person to consult for a clear explanation of your lien.
Moving On
A judgment lien never has to mean you must stay in that house saddled by financial stress. There are ways to take care of this issue. And selling a home with a judgment lien doesn’t have to be overwhelming.
Cash buyers like Metro Milwaukee Home Buyers specialize in these unique situations. We buy houses in Milwaukee under any circumstances, offering a fast, hassle-free alternative to traditional sales. We are familiar with local laws and can help ensure a smooth transaction.