A Lien is an encumbrance against the property, which may be voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, state, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic’s lien (for work done by a contractor on the property that has not been paid for). Learn more here about different kinds of liens.
A landlord wants to place a lien on a property, but the property isn’t owned by the debtor yet. He will inherit it at some point in the future. What can the landlord do? Q: I have an interesting scenario that is a unlike any other that I can find described online. I have won [...]
What is a mechanic’s lien and is there one on your property? If you’ve had a falling out with a home contractor and withheld payment, you may face some major repercussions in the form of a home lien. Q: How can I find out if there is a lien on my property? A painter painted [...]
It doesn’t often happen that the lender declines to do a mortgage modification six times, and then out of the blue cancels the loan balance and releases the lien. In this case, the lender did just that, but the homeowner is still worried she might lose her mortgage. Q: I’ve been working with my bank [...]
Because lenders have the right to place a lien on any investment property you own, it’s important to act quickly or risk losing the property altogether. Q: A bank foreclosed on a property I owned with a business partner. The bank sold the property but the proceeds from the sale weren’t enough to cover the [...]
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Finished paying off your mortgage? Below is a list of documents you should receive from your lender after paying off your mortgage. Q: My husband and I love to read your articles in the Home section of our local paper. We are close to paying off our home mortgage and would like to know the [...]
The homeowner's association has rules and fees, and can foreclose on your home and put a lien on the property if you don't pay. Q: We have not paid our homeowner fees since early 2007 and I have received a Notice of Intent to Foreclose Lien from a local law firm. It states that if [...]
If you fail to make payments on an auto loan it's possible for the auto lender to try to recover the money you owe on the car in other ways. The bank can put a lien on your home if you owe them money for another debt such as an auto loan. The lien remains on the home until you repay the auto loan debt and the lien will have to be dealt with when you sell the home. Both the bank and the mortgage lender will have to be repaid for the home sale to go through.
What's the effect of a foreclosure on a property lien? If you have a lien on a property and the bank forecloses do you lose your claim to that property? It depends on your state's laws regarding liens and foreclosure. The mortgage lender also has a lien on the property and once the property is sold you may lose your lien, even if a court issued a judgment in your favor.
This week on the Ilyce Glink Show, Ilyce talked about taxes and tax changes for 2008. She also ran down the numbers that defined 2008 economically. She took questions on how to get an income tax lien removed (taxes had been paid on time), how to prevent a bonus from being taxed at 42 percent, what to offer a new house that has been on the market for a year, how credit is affected by divorce and how to counter that, moving an annuity into a 401(k), whether now is the time to change stock market allocations, purchasing a multi-unit building as a first home, refinancing and purchasing foreclosures. For answers to these questions, listen to the show. You can download the podcast here or at iTunes.com. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog . Sign up for Ilyce's free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. Subscribe to her YouTube channel: www.youtube.com/expertrealestatetips and friend her to be notified about new videos.