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.
If you are considering bankruptcy, before you file you should talk to the credit card company to see if they are willing to settle your debt for some amount that is less than you owe. If they know your only other option is to file for bankruptcy, they may be more willing to settle the debt. After you've sat down with a credit counseling service, you may have a better idea of what your options are and how you need to proceed.
Before you get a contractor to work on your property you should get a lien waiver. Lien waivers ensure that if your contractor or a sub-contractor does not get paid for the home improvement or home repair work that they do, your home won't be in danger. When a contractor puts a lien on a home, it makes it more difficult to later sell the home.
A homeowner is ready to pay off their mortgage, which is held by a private individual. When you are certain you've paid off your mortgage, you'll need to contact the lender and confirm that the mortgage is paid off. The lender will need to return the original note and mortgage to the owner upon its payoff.
Under certain circumstances, creditors have the right to file a lien against a person's home for money that person owes them. A seller is having difficulty settling a lien held against the property. There are a few options to try to release the property from a lien, including paying off the lien, posting a security bond and hiring a real estate attorney.
After paying back and current taxes on a property that was quit claimed to you, can you take full title to a property? The answer? It depends on how the quit claim deed was drafted and what its intent was.
When a family member wants to bequest property to another family member you need to do estate planning. If the property owner has liens against her property, that is she owes money to creditors who want to be paid when the property is sold, then the new property owner may be liable for those debts. Rather than transferring the property through probate, it's better to sell the property ahead of time and take care of the liens now.
A homeowner paid off her home mortgage but doesn't know if a lien was removed from the title. Once the lender receives payment, it then needs to prepare a release deed or release of lien to clear the title to the property. Unfortunately, some lenders have become overwhelmed by the refinance boom and have failed to keep up with the documentation of release deeds or release of lien letters.
If your neighbor has a reverse mortgage, can she and her mortgage lender be held responsible for criminal activity at the home? With a reverse mortgage or hecm, the mortgage lender pays the homeowner over time and the the lender is repaid when the home is sold. But even though the mortgage lender holds a lien on the home, it couldn't be held responsible for the criminal activity. The only one liable is the homeowner. But before a neighbor files a lawsuit, he should contact his local police department.