Common Law Lien is a Resource for Justice When Fighting Foreclosures
What if you could stick it to the bank for 100 Years? The elements of a Common Law Lien would allow you to do just that. Think you can get the bank’s attention now? YES! They will be ALL ears.
Unknown to most homeowners facing foreclosures is that they can actually protect their interest in the house too. Just like the bank is trying to by foreclosing. Homeowners MUST ACT Fast and place Common Law Liens on property before it forecloses! After foreclosure is NOT effective as ownership rights are lost.
To understand the basics of CCL we must first identify what an actual lien is. A lien like a Common Law Lien represents a claim against property. However, a lien is a legal document that demands that an obligation be met. As stressed it represents a claim against property. When it comes to a lien it is attached to freeze title in the homeowner’s name, the person listed as the owner of the property that is liened. A CCL attaches a lien on PROPERTY that the lienor has lawful possession of. In this instance possession does not mean ownership of the property. The elements that make up Common Law Liens explain what the lien or is entitled to.
If the homeowner has been evicted from the property they would no longer be in lawful possession. To place a lien on the property would require a Commercial Lien because someone else now has lawful possession. A Common Law Lien is a solution to lien property that the bank is trying to foreclose on. This allows the homeowner facing foreclosure to protect assets.
Common Law Lien Elements
The biggest concern of most homeowners facing foreclosures is their investment in their homes. While true many may not have much equity today because of the declining real estate markets but what about years and years from now? What about those homeowners who actually do have tons and tons of equity?
Worry not because the CCL elements can assist homeowners with recovering their equity investment.
Here are the three elements to evaluate what the actual amount of a Common Law Lien should be. A secret weapon formula!
1. Principal Equity
Calculate the exact amounts of ALL principal payments you have made on your mortgage.
Make sure NOT to include interest payments, this is ONLY for principal payments. DO NOT LIE; you must be able to back up this information.
2. Principal Improvements
Calculate the exact amounts of ALL improvements you made to increase the VALUE of the property including outside on the land. Make sure to only apply principal amounts you paid and NOT interest. General maintenance and repairs cannot be considered as improvements.
3. Life Experience
Calculate the VALUE you have invested in time spent in the home. Consider the meaningful events you experienced while living in the home. During your living experience in the home did you cry, laugh, work, dance, sing, fall in love, etc. You have essentially become attached to the property and owed for time spent.