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  1. #1
    theowins is offline Junior Member
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    Do liens on real property ever expire?

    What is the name of your state (only U.S. law)? New Jersey

    My father has $60K or so left on his mortgage, and in 2001 about 4 creditors have placed a combined $220k of liens against his home (which is worth about $450k) after a business venture went sour. I, his son, want to purchase the property or transfer title, but I obviously do not want to assume the liens.

    Is there a statute of limitations that will cause the liens to expire? Can the creditors make a call to collect the lien amounts by way of foreclosure at any time? Or does it make sense to just sell the house (to anyone) to pay off the liens? Can liens be reaffirmed without going into bankruptcy. NJ has no homestead exemption for bankruptcy, and so it does not seem like the right course.

    thanks!
  2. #2
    justalayman is offline Senior Member
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    Is there a statute of limitations that will cause the liens to expire?
    No

    Can the creditors make a call to collect the lien amounts by way of foreclosure at any time?
    usually, yes but they have to sue to forclose.
    Or does it make sense to just sell the house (to anyone) to pay off the liens?
    that is a personal preference
    Can liens be reaffirmed without going into bankruptcy
    .Huh?
    NJ has no homestead exemption for bankruptcy, and so it does not seem like the right course.
    homestead exemption is irrelevant. The debt is not due to the property nor is it on the property. The lien is simply a mechanism to attach the debtors assets so as to be able to collect the debt. If BK is considered, you have to deal specifically with the liens as well as the debt that caused the liens. They are not the same thing and escaping the debt does not mean the liens will simply disappear.

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