Mortgage Lien
A lien is a legal right that gives an individual or entity a claim to a collateral property until the outstanding debt is paid off. If the debt goes unpaid, the issuer of the lien has the right to take the property back from the borrower. If you have a mortgage, you’ll have a mortgage lien on your home until the loan is paid back in full. In this case, your home serves as collateral for your mortgage.
Lien Types
General Liens
Specific Liens
Voluntary Liens
Involuntary Liens
References
Last update:
May 2, 2024