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Mortgage Lien's explained

 

Learn about liens on your real estate property

Mortgage liens can be summed up as ownership prioritization of real property. When there is a lien attached to a property if securitizes a debt holder that the property owner can not sell or refinance without approval or discharge of the lien from the party that has a lien attacched. This allows for mortgage lenders to potentially claim your property if you fail to make payments. Mortgage loans are almost always in first lien position. If you have a 2nd mortgage or equity loan this would generally be in 2nd lien position. A title company will verify that liens are in place or clear during the sale or refinance of a property. Contractors can also place liens against your home for items such home improvement repairs if this was agreed to in writing to help ensure their payment. The government could place a lien on your property if you fail to pay taxes. 

11-18-2007 ? LoanNetwork.com

 

 

 

 

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