An attachment is a legal seizure of property to force payment of a debt. It occurs when a court issues an order allowing a creditor to take possession of a debtor's property as a means to secure payment of a monetary judgment.
A federal tax lien is a legal claim by the government against a property when the owner fails to pay federal taxes. This debt attachment ensures the government has first priority on any proceeds from the sale of the property.
A general lien is a legal claim on all the property owned by a debtor, rather than a specific piece of property, for the fulfillment of a debt. This type of lien impacts every asset that the debtor owns.
A judgment creditor is an entity that has received a court decree or judgment entitling them to collect a debt owed by the judgment debtor.
A judgment debtor is an individual or entity who has been ordered by a court to pay a sum of money but has not yet satisfied this obligation. This term is often used in legal and real estate contexts where defaulting on financial responsibilities can lead to court judgments.
A 'Mortgagee in Possession' situation arises when a lender takes possession and control of a mortgaged property following the foreclosure of a loan secured by the mortgage. The lender holds the property, collecting any income produced, until it is sold at the foreclosure sale.
