Judicial Liens and Tax Liens

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Judicial Liens A judicial lien is involuntarily placed against the real asset of a debtor and a final judgment must be entered for an auction to occur. The final judgment is entered in the county which the debtors asset resides and the most tasteless types of judicial liens are those held by Home Owners Associations for none cost of dues, contractors who have performed work and county code violations.

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Once the debtor fails to make cost the Creditor can enter a Claim Of Lien in the county and from there the process of foreclosing on the lien begins. Judicial asset liens, after final judgment is entered, are auctioned by the Clerk of Courts and the resulting conveyance to the winning auction bidder is a certificate of title. This conveyance has the same possession and title as a asset purchased at a mortgage foreclosure auction (all mortgage foreclosures in Florida are judicial). The asset purchased at this auction is conveyed without warranty but no added steps are primary to gain a marketable title. Having a marketable title does not necessarily mean that title assurance is available. You will still have to satisfy any mortgages and excellent liens before assurance can be issued.

Furthermore, judicial liens have a different order of superiority than that of other judicial asset auctions. In a judicial lien foreclosure all mortgages are excellent and Federal liens trump all, in a mortgage foreclosure only mortgages that were entered into and recorded earlier are excellent (2nd mortgage forecloses then 1st mortgage is superior). While there are greatest and rare exceptions to the rule, these are the guidelines we use in analysing a perspective property.

Tax Liens A tax lien is a non judicial lien involuntarily placed against the real asset of a debtor and is the ensue of the non cost of every year asset taxes and a final judgement does not need be entered. Tax liens are sold by the County Tax assembler and an every year auction is held for those parcels and properties residing within the county for which the taxes remain unpaid. Tax liens encumber the asset of debtor but carry no right or title to the property. Once the asset tax lien is held for 22 months an application for tax deed can be made.

The ensue of this application is a tax deed auction commonly called a "tax lien foreclosure". Or "tax deed auction". The conveyance resulting from the tax deed auction is a tax deed. A tax deed issuance offers immediate possession unlike a judicial foreclosure that is privy to the 10 day redemption period after the auction (This 10 day window after the judicial auction is for the sale to be reviewed and if the highest auction bid number is found to be unjust, by a judge, the sale may be voided).

Also, a tax deed is not an insurable conveyance. The title to the asset is clouded by the prior owners and parties of interest who have titled and untitled recorded interest in the property. To remove these clouds of title it is required that the conveyed interest "tax deed" be held for 4 years while paying taxes unchallenged or perfect a quiet title action. The tax deed owner may also decree to exchange that interest in the asset to an unsuspecting person via special Warranty Deed or Quit Claim Deed and offers puny or no warranty of title whereby the title will not be defended against adverse parties.

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