Expert Debt Management
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The majority of us does not understand or know anything about liens. In real short, a lien is a charge. Liens are legal entities, which must follow all of the regulations and laws included in the local municipality and state government, where an individual property is located. There are numerous types of liens the most common ones being the mortgage lien and the tax lien. Due to this law, a lien is a form of security interest over a property in order to secure certain payments like debts, different obligation or performances connected to the property. The use of the law connected to liens allows individuals the right to hold a debtor's property as payment for a debt or security; if an official obligation is not discharged an individual can take another's property to balance the risk and losses caused by the debt and lack of payment.
The category of lien types is wide: mortgage lien, tax lien, mechanic's lien or attorney's lien are only a few from the high range; these liens have their own rules, procedures and deadlines and they may vary from state to state, country to country. Liens can be included into two main categories: particular and general liens. Particular liens are used when a person claims his right to hold back property, in respect of money or work expended on the included property. This kind of lien can be issued in 3 ways. On the other hand General liens are being an issue, when both of the parties have reached to an agreement; by general usage or trade; or by particular trade or usage. Some lien types can be enforced by the law, these are the federal and legal liens, and others are valid only in a court of equity.
As upper mentioned mortgage liens are the most common ones; they can be attached to property and real estate from numerous reasons, like paying tax debts, labor services or construction supplies and of course, for mortgages.
A lien may be declined when the debt is either paid in full, or if both of the sides have made an agreement.
Disclaimer: This site is not , nor should it be taken to be, legal, financial or other professional advice. It merely provides a generalized guidance and generalized information only. Consult a financial advisor or an attorney to discuss any legal or financial issues involved with credit and debt decisions.
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