-A lien is a legal recorded claim against a property. The claim encumbers the asset as a means to collect money owed, such as a mortgage, asset taxes, or an unpaid debt owed to a undertaker of a package deal who performed work on the property. There are other reasons liens are recorded against a property.
-Equitable lien. When a asset is held as collateral and the parties agree in a document, that the asset is used to collect the debt.
Real Estate
-General liens. These liens all real estate and personal property. Court ordered judgments, probate actions, and Irs taxes fall under this category.
-Judgment lien. This is the ensue of an performance by a party or government department through a court of law to collect payment on a claim.
-Involuntary lien. State statues create real estate asset taxes. These taxes are a claim against the asset and the asset owner assumes the model when purchasing a home. Unpaid taxes can ensue in a definite involuntary lien.
-Specific liens. Extra assessments and mechanics liens fall into this category. Unpaid contractors from home repair and remodeling projects can file a definite lien. Homeowner associations and local governing bodies can issue Extra assessments for repairs and improvements. Failure to pay these Extra assessments can ensue in lien being settled against a property.
-Voluntary lien. When you have a mortgage and voluntarily agree that the mortgage lien is safety for the lender in case you default on a mortgage loan.
Types Of Liens On Real Estate
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