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My property has been put on lien, Should I continue to pay mortgage?

hello my house has been put on lien by US dept. of labor to pay a jodgment against which I lost, and it is worth 200,000 dollars, and my house has a value of 350,000 which I still owe bank 302,000....IS THEIR any point of even making the mortgage payments, I wanna live in my house, what can I do it I stop paying my mortgage

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  • 9 years ago
    Favorite Answer

    What will happen is the bank will foreclose on the house, and you will not live there.

    The labor department will seek other assets to lien. Eventually, if you still have their money, they will arrest you for refusing.

    There is no way to get out of paying your judgment. Even death will not close the account, they will go after your estate.

  • 9 years ago

    I wont' ask how come you owe the Labor Dept $200k.

    The lien cannot be satisfied unless you sell the house. So of course you should pay your mortgage, because basically everything is going to go the same as it was before in your life, until you sell the house or are foreclosed upon. You are in a house, owe $302k on it, and pay your mortgage for many more years. The lien will stay there unpaid until you sell, are foreclosed upon, or die and the house passes out of your hands, and then the lien is either paid by the house, or it follows you to whatever other assets it may be placed upon.

  • 9 years ago

    If you don't make the mortgage payments, it doesn't make you not owe the judgment anymore. The bank gets first crack at the proceeds of the sale of the home. If you sold right now, bank would get 302, USDOL would get the other 48, and you would STILL OWE THEM the other 152K.

    If you want to live in yoru house, make the mortgage payments. If you stop, the bank forecloses.

  • 9 years ago

    You need to talk to a tax attorney.....I wouldn't pay another dime on the mortgage. You would be throwing good after bad.

    The Feds will eventually get paid unless you leave the country. Besides losing your home you need to make a deal to settle your debt with the government. It is very possible that you can end up settling with the government for a much lower amount than $200,000.

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  • 9 years ago

    You have a government lien on your house and you want to stop paying the mortgage? Nice.

    They'll foreclose, you'll lose the house, and you'll STILL owe the government. If you want to live there, you need to pay.

  • 9 years ago

    Even if the house is lost, the debt is NOT lost. You still owe them.

    I HOPE you have a lawyer in this matter. What did they say?

    If you don't have a lawyer, GET ONE NOW.

    You may want to declare bankruptcy. BUT TALK WITH A LAWYER.

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