my second mortgage is late and they said if i don't pay it all they are going to take further action like put a lien on my house.
2006-10-03 11:28:13 · 5 answers · asked by kimberly_ware10 2 in Business & Finance ➔ Personal Finance
That means it is no longer able to have any action declared without the bank's approval.
If you want to sell it, you can't.
2006-10-03 11:31:08 · answer #1 · answered by Angela 7 · 1⤊ 0⤋
If the house were to be sold by you or through bankruptcy, the lender has first dibs on the money he is owed. Just be sure that IF the lien is placed and you make it right (catch up the payments) that you take steps to file a release of lien with the county AND with the credit bureaus.
I just helped a friend with a state tax lien issue today. It had been released (paid) years ago but no release filed so it showed up on his credit report. It will still show on his credit but as being satisfied, not outstanding.
2006-10-03 11:47:47 · answer #2 · answered by mickeyg1958 4 · 1⤊ 0⤋
a lein is a paper filed and recorded with the deed. It states the amount of money involved in a judgement.
If your home is a homestead, most leins cannot be forclosed, so the house can't be sold out from under you. When the house is sold, the lien holder is entiitled to his funds at closing time right after:
1. Mortgage holders.
2. Prior lein holders
get an extra job, sell some of the family jewels, etc.
2006-10-03 11:34:23 · answer #3 · answered by disco legend zeke 4 · 2⤊ 0⤋
It means when you sell your house they get paid first. Then you get whatever is left over. If they charge interest you could lose all of you profit..
2006-10-03 11:31:30 · answer #4 · answered by Mr.Morgan 4 · 2⤊ 0⤋
You're in deep
2006-10-03 11:36:04 · answer #5 · answered by tallblackchick 3 · 0⤊ 0⤋