What exactly is a Lien and How exactly does It Work?

A lien typically stays in position until a debt or loan is compensated

What exactly is a lien? It is a declare that some body or something like that is wearing home which you possess or use. The patient or entity which has had the claim—such as a lender—can repossess or foreclose from the home if you do not make re payments on a loan that is associated perform other agreed-upon terms.

A good example of a lien is just a re re payment contract for a motor auto loan. The mortgage document includes provisions that enable the financial institution to help keep you against attempting to sell the automobile until such time you pay your balance.

The word “lien” comes from the Latin for “to bind” (like ligaments, for instance). Continue reading