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June 17, 2019
Everything you need to Know on Property Liens.
Big businesses are referred to liens and the value of the property liens in year 2018 is estimated to be $37,260,723 and $18 million of the overall property value are expected to be sold.
Today, property liens are becoming an investment of a kind in themselves and many investors are turning to property liens more than stock market in favors of more stable investments.
The property lien is a simpler terms is the legal claim that is made to a property so as to offset the debt and can happen especially when someone defaults a loan and the two options to remove lien is to settle the debt or have it removed with the help of an attorney, see more about it here.
When someone defaults a loan that is when property liens is put into practice, a loan provider needs some collateral so as to issue you with loan, the loan provider is the lien holder in case someone defaults loan payments.
To make a sale of your home, you must have the legal license and that is where the property lien comes to question, in addition it is possible to sell your home when at the lien so as to offset your debt.
You need to know how to clear with the lien property, the most obvious one is to have the debt settled by paying it off in full, next to remove a property lien is to settle with lien holder for more about lien ,check more details here.
The third method is getting rid of property lien and have it corrected if your lien has been filed in error you can file to have it corrected.
You can have a situation when the lien was faced by the previous owners and even though they paid the settlement was not recorded and this can be corrected easily and you just have to prove change of ownership, see more about lien here.
The final method is to dispute the lien and this is done when the lien is filled incorrectly or when you find discrepancy, this is the toughest part that requires legal representation, see more about lien options here.
Just like anything to do with real estate law and properties, property lien is a complicated and vast topic, however these basics are essential in getting you started but always ensure to make consultation with real estate experts when you face a lien.
You can have private negotiation in an effort to having the lien settlement lifted, this is a negation or arbitration done with the lien holder, and they may lift the lien and in exchange commit to pay more monthly payments.