Lien

What is a lien? A lien is the right to hold or sell a property to pay a claim against your property. Types of liens include mortgages and second party liens like mechanics' liens. In a mortgage lien your home is the collateral. Learn about the different kinds of liens and why they are issued.

Category:

Education

Tags:

• mortgage
• lien
• mechanic's
• mechanics'
• second
• party
• collateral
• judgment
• property
• Gina
• Giannelli
• Chicago
• Title

[1971SuperLead]

@quintanaandsons So basically..... never sign a contract for home repairs!

[quintanaandsons]

@1971SuperLead not really it depends on the type of lien you do. A construction or Mechanic lien can be done by any licensed professional as long as they can proved the owner owes them money for the improvement of their property. People won't just randomly place liens on your home because when you place a lien you open yourself for a counter lawsuit if you can't prove that lien or if you file incorrectly.

[1971SuperLead]

Well, don't the painters need to take you to court first and win a judgement? Otherwise, anyone can place a lien on your home.

[Clarissa2424]

The bank receives interest payments from the State until the house is sold and the $300 comes out of the gain, which could be a few years, a decade or more. Do you recommend arranging to pay this $300 now, or just let the lien go until the property is sold - years from now?

[Clarissa2424]

very interesting! What about a lien of $300 that is stipulated in the contract , that does not have to paid until the sale of the property.

The lein was incorporated into a home improvement loan of $1300, whereas, the owner paid $1,000 in installments. the loan is a State subsided loan for low income rsidents. The bank insisted that the $300 remain as a lien. It could be paid off at any time, I think.