If I was just issued a notice to levy from the sheriff regarding an auto loan, can the finance companylevy my house?

UPDATED: Apr 22, 2011

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If I was just issued a notice to levy from the sheriff regarding an auto loan, can the finance companylevy my house?

My only income is 1163 month from disability .

Asked on April 22, 2011 under Bankruptcy Law, Missouri


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If there there is some outstanding balance that you on a loan or otherwise, one option for the creditor, assuming they get a judgment in their favor and you don't pay the balance, is to seek a lien on your house. Fortunately, a lien like that does not work quite like a mortgage; most significantly, it does not allow foreclosure. Rather, the lien will encumber your title (or as they also say, act as "cloud" on title), so that you cannot sell the house without paying the lien off. Thus, it can impact your ability to take equity from the home, to move and downsize, etc., but it will not result in you being turned out of your home, and would only affect your estate, not you, if you remain in this home until you pass.

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