Saturday, November 7, 2009

Liens

A lien is a claim by one person on the property of another as security for money owed. Such claims may include obligations not met or satisfied, judgments, unpaid taxes, materials, or labor. Consensual liens on mortgages and car loans are removed when the loan balance is paid. Non-consensual liens are imposed to collect unpaid taxes, unpaid payments for work, and unpaid non-secured loans.
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