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.
Can a creditor put a lien on your house or property if you're in jail? If a creditor is able to get a judgment against a debtor, the creditor can go after assets owned by the debtor: bank accounts, cars and real estate. Whether you're incarcerated does not matter, but most states have time limits for creditors to pursue judgments against debtors.
The U.S. Internal Revenue Service just announced that it will allow homeowners to apply to make their mortgage loan the primary lien against their hom...
A divorced woman wants to make sure the property she's buying from her ex-husband does not have any outstanding liens. Liens may include mortgage loans and home equity lines of credit or HELOCs. An attorney can also help sort out whether there are any outstanding liens and ensure that the title is free and clear of liens.
If you're considering lending money to someone for help with home financing, is a lien on the property the best choice? By placing a lien on the home, or obtaining a mortgage from the home buyer, you can protect your loan during times of uncertainty. When the loan is repaid in full, the lien will be released.
Because a second mortgage is a lien, missing second mortgage payments could lead to foreclosure. When the home sells, the owner will not get any proceeds until the lenders for both loans have been paid off. If you cannot afford your second mortgage, you can try to work with your lender or a credit counseling agency to maintain your credit and keep your home.
Can a contractor collect payment from a mortgage company that owes for work on a fire-damaged home that has since been foreclosed on. The contractor nearly finished the work and then the mortgage company foreclosed on the home and halted payment to the contractor. Can the contractor file a lien to get the money he's earned working on the home that has since been foreclosed?
When you're selling a home and you have two mortgages, you have to work with both mortgage lenders. Your mortgage lenders are among the parties who negotiate a short sale. If one of the lenders who negotiates the short sale does not agree, the short sale may not occur. Second lien holders such as PMI companies or HELOC lenders want to recoup some of their money and may scuttle a short sale if they're not included.
A husband says his wife has a pending sales contract her home and her ex-husband's divorce attorney has placed a lien on the home for attorney's fees. The husband wants to know how to deal with the lien, which is a claim to the property. The best be would be talking to the couple's real estate attorney.