Property Preservation: Securing the Release of a Liened Property

When a property becomes subject to a lien, it can be a stressful and financially challenging experience. A lien can severely impact a property's value and make it difficult to sell, refinance, or even live in the property. However, there are legal avenues available to property owners who are facing liens, such as property preservation. Property preservation is a process that allows property owners to obtain a stay of foreclosure or other collection actions, giving them time to explore their options and negotiate a resolution with the lienholder.

What is Property Preservation?

Property preservation is a legal mechanism that protects property from foreclosure or other collection actions. It is typically achieved through a court order or agreement with the lienholder. Property preservation can provide property owners with much-needed time to resolve the underlying issue that led to the lien. During this time, the property owner can negotiate a payment plan, refinance the mortgage, or sell the property.

Who Can File for Property Preservation?

Property preservation is generally available to homeowners, landlords, and other property owners who are facing liens on their property. However, there are some specific requirements that must be met in order to file for property preservation.

• The property must be the primary residence of the property owner.
• The property owner must be in default on the loan or mortgage that secured the lien.
• The property owner must be able to demonstrate that they are experiencing financial hardship that prevents them from paying the debt.
• The property owner must be able to demonstrate that they have a good faith plan to resolve the underlying issue that led to the lien.

How to File for Property Preservation

The process for filing for property preservation can vary depending on the jurisdiction. However, the general steps are as follows:

1. Consult with a qualified attorney to discuss your specific situation and determine if you are eligible for property preservation.
2. File a petition with the court requesting a stay of foreclosure or other collection actions.
3. Attend a hearing where the court will consider your petition.
4. If the court grants your petition, you will be issued a property preservation order.

Benefits of Property Preservation

Property preservation can provide a number of benefits to property owners, including:

• Stops foreclosures or other collection actions, giving the property owner time to resolve the underlying issue
• Protects the property's value and prevents it from being sold at a loss
• Provides the property owner with leverage in negotiating with the lienholder
• Allows the property owner to stay in their home during the property preservation process

Property Preservation and Chapter 13 Bankruptcy

Chapter 13 bankruptcy is another option that property owners can consider when facing liens. Chapter 13 bankruptcy is a type of reorganization bankruptcy that allows debtors to propose a repayment plan to their creditors. If the repayment plan is approved by the court, the debtor will be able to discharge their debts at the end of the plan period.

Chapter 13 bankruptcy can be a good option for property owners who have a regular income and can make payments under a repayment plan. Property preservation can complement Chapter 13 bankruptcy by providing a stay of foreclosure or other collection actions while the debtor is working on their reorganization plan.

Conclusion

Property preservation is a valuable tool that can help property owners protect their property from foreclosure or other collection actions. If you are facing liens on your property, it is important to consult with an experienced attorney to discuss your options. Property preservation can provide you with time and leverage to resolve your financial issues and keep your home.



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