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USHomeData.com Offers A Comprehensive Guide On The Types Of Property Liens

Lien filings are matters of public record. Thus, if any prospective buyer or lender runs a title search about the property through USHomeData.com, they will get to know about the liens.

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USHomeData.com Offers A Comprehensive Guide On The Types Of Property Liens

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  1. USHomeData.com Offers A Comprehensive Guide On The Types Of Property Liens Going by the US laws, a lien is an interest in or a charge against the property to ensure the performance of the obligations or payment of debts. Basically, liens are when creditors or lenders acquire an interest is some kind of collateral, which is usually real property. Liens on any property end up clouding the title of the property. Lien filings are matters of public record. Thus, if any prospective buyer or lender runs a title search about the property through USHomeData.com, they will get to know about the liens. But, before you run that title search, here’s what you need to know about the types of property liens.

  2. USHomeData.com Offers A Comprehensive Guide On The Types Of Property Liens Tax liens Tax liens are the kind of lien that is placed on actual property. If a company or individual is unable to pay the taxes, local or federal, any government entity or the IRS can put a lien on the property for the unpaid taxes. It includes all kinds of liens, such as property taxes, business taxes, and income taxes. These liens do not lead to foreclosure, but they remain on the property to make sure that they are duly paid. Mortgage liens Mortgages are the kinds of loans that are taken to refinance or purchase homes. These are secured loans, which means they can lead to a mortgage lien on your property. In this case, the borrower promises some kind of collateral for securing the loans in case the payments are stopped. The property is collateral in terms of mortgages. The lender can possess the home to foreclose the property if the borrower fails to make payments.

  3. USHomeData.com Offers A Comprehensive Guide On The Types Of Property Liens Judgment liens The final type of lien that USHomeData.combelieves you should know about is a judgment lien. It is the kind of lien that comes directly due to a lawsuit. If an individual loses a lawsuit, the court awards damages as the money judgment. It makes the defendants judgment debtors and the plaintiffs judgment creditors. The judgment is the lien’s basis. A lien can be placed on the property of the debtor by the judgment creditor if the award is not paid. Mechanics liens can become judgment liens when the unpaid contractors enforce it with the help of the court of law. If the holder of the lien is successful after the filing of a foreclosure action, the mechanics lien can be transferred to a judgment lien. Hopefully, you have a clear idea about liens by now. Make sure you run a title check on the property to know if there are any liens on it.

  4. USHomeData.com Offers A Comprehensive Guide On The Types Of Property Liens Follow US: Facebook – https://www.facebook.com/US-Home-Data-100227931804289 Pinterest - https://www.pinterest.com/ushomechecks/ Instagram - https://www.instagram.com/ushomedata/ Twitter - https://twitter.com/ushomedata Crunchabase - https://www.crunchbase.com/organization/ushomedata-com

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