What is a Property Lien?
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What is a property lien?
When you take out a mortgage to purchase a new home, your lender puts what is known as a property lien on the house. What this means is that if you get behind on your mortgage payments, your lender has the legal right to seize the home in place of the money you owe them. If you’re looking at homes for sale in Windsor Island Resort, you can expect this type of lien to be placed on the home you buy. However, there are other ways a property lien can be used, and some of those uses are not ones you want to have placed against you.
Voluntary vs Involuntary Property Liens
Liens come in two types: voluntary and involuntary. A voluntary lien on your property is one that you agree to. The lien placed on your home when you take out…
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