Do I Have A Lien On My Home?
Here you are asking us: “Do I have a lien on my home?”
We don’t know. Do you?
Here are some of the reasons why one would have a lien on their home:
Defaulting.
Failing to pay the principal of your mortgage. The lender can apply a lien, put the house in foreclosure and seize your property because you fail to pay off your debt.
Tax delinquency.
Failing to pay city, county, federal and income taxes can, in the long run, cause a lien on your home.
Vendor contracts.
Say you make a deal with a contractor for a pricey renovation in your home where you will pay up as time passes because it’s a very big figure to pay at once. Unknowingly, this settlement you’ve made can give the contractor the right to put a lien on your home if you miss one payment. This is very common, actually. A contractor doesn’t always have a large reserve of money like a typical lender, so he can’t wait for the money to go to his account. Even though there is interest and he’ll earn more in the end. He needs the money now. What does he do? He sells the lien to a bank, who pays the value right there. Now the bank has a lien with interest and will make your life harder.
Judgment lien
Lost a lawsuit in court – non-real estate related - and now you need to pay up? You might have a lien on your home until the debt is cleared.
And even failing to clean up your garbage, fixing hazards within your lawn/curb, unpaid tickets for illegal parking and moving violations can cause a lien to your property perpetrated by your municipality.
So, as you can see… there are a lot of reasons and a lot of people who can put a lien on your property. If any of those happened to you, then maybe there *is* a lien on your home. Anyways, to be 100% sure, head to your local county recorder, clerk or assessor’s office because that’s where you will find the most precise answer.
Real Estate Advice:
By now you’ve figured you need to pay everything in time, right? The most common liens come from accruing a debt. Pay up in time and there will be no lien on your home. But, just in case, get Title Insurance as a way to cover yourself should any undiscovered lien get revealed – it can happen.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
A lease granted for the right to explore for and recover oil and gas on a specific parcel of property. The terms of an oil and gas lease specify the length of time of the contract, the ...
An open surface constructed on top of a flat roof. Normally, a railing is constructed on the sides of a deck roof. See also deck. ...
When we look at title policies, there are different types of coverages offered by title companies. Figuring out which one is the best option in your particular situation often depends on ...
Risk resulting from possible increases or decreases in price levels that can substantially impact real estate values. ...
The legal requirement of a debtor, obligor, to pay a debt and the legal right of a creditor, obligee, to demand satisfaction of a debt or enforce payment in the event of default. ...
Laws enacted by every state governing the activities and requirements of real estate salespeople and brokers. Upon satisfying the necessary age and residency requirements and satisfactorily ...
Structure of prefabricated units. ...
Also called "Grey Shell, "Bare Shell," and "Artic Shell," a Cold Shell could be described as the more radical version of a Vanilla Shell. So, what does precisely the Cold Shell definition ...
Transfer of both real and personal property. An example is the sale of a home with personal belongings. Putting together a group of property to be sold together, perhaps at a discount ...
Have a question or comment?
We're here to help.