Lien
Balance owed on a property.
What is a Lien?
A lien is a legal claim or right against a property, typically used as security for a debt. Liens are usually recorded with local government offices and gives the lienholder certain rights over the property until the debt is satisfied. Common types include tax liens, judgment liens, and mechanic's liens
Priority: Multiple liens on a property are typically paid in order of their filing
Release: Requires formal action by the lienholder to remove
Some liens can lead to forced sale of the property
Common Scenarios:
Unpaid property taxes leading to a tax lien
Court judgments resulting in judgment liens
Unpaid contractor work causing mechanic's liens
Dealing with Liens:
Pay the underlying debt to satisfy the lien
Negotiate with the lienholder for a settlement or payment plan
Contest the lien if it's believed to be invalid or improperly filed
Seek legal advice to understand your rights and options
