Whether you’re a new homeowner or you’ve owned your property for years, there’s an understanding around the importance of paying off your mortgage loan. Mortgage liens as a result of nonpayment can put your home at risk, so understanding what they are and how to remove them is crucial
In real estate, a lien is an asset bound by contract which acts as collateral for a company or individual in the case an agreement isn’t fulfilled.
When you sign a contract for a mortgage loan, many lenders use the home being purchased for collateral. If the borrower defaults on the loan, the home may be confiscated by the mortgage company. A lien mortgage applies directly through your lender, whereas tax liens are involuntary through the state.
To avoid foreclosure, it’s vital to handle liens on a property. One of the first ways to satisfy a mortgage lien is by paying off the debt owed on the home. You can work with your lender to form a payment plan or negotiate for a partial payment offer.
If the lien on your home is of no fault of your own, as a property owner, you can take your case to court to legally have the lien removed. This may be most ideal if you’ve already paid off the debt owed on the home and there was a payment mix up or if your lender used underhanded means.
If you have a lien on your home and need help paying money owed on the property, consider speaking with your lender to form the best plan of action to have it removed.
Graduate of Burlington High School and UMass Dartmouth. Married with three children to my High School Sweetheart. Multiple years of sales experience including, twenty six years as a full time Real estate agent, fifteen years in the fine wine, spirits and beer industry.
Dale Carnegie sales graduate, certified buyers representative. Multi Million dollar achiever and Top producer in Real Estate. Burlington Mass resident for 50 years. Former college Basketball player and also coached Baseball, Softball and Basketball as well as taught CCD. Father to Father and Mother to Mother former member. Burlington Volunteer for a variety of events including Pride Day, Truck day and Fourth of July events.
A portion of each sale David makes is gifted to a local charity.
