2006-12-27 09:27:40 · 5 answers · asked by bunnie3663@sbcglobal.net 1 in Business & Finance ➔ Renting & Real Estate
They won't foreclose on your property (unless it's the IRS) as a foreclosure is the result of making "no mortgage payments". The lien will remain on the property until such time that it is paid off. When you refinance or sell (the lender or buyer will request the lien to be paid off through proceeds of the refinance or sale). If it's child support (they generally lien your property anytime you are making payments - it's just a precautionary thing).
2006-12-27 15:39:37 · answer #1 · answered by Martini Babee 4 · 0⤊ 0⤋
The lienholder can foreclose on your home, if they have the gumption to do so. Most don't want to, since they'll have to pay off any previous lienholders (mortgage, etc.) in order to foreclose. What's the point on foreclosing and paying $200K in order to collect $1,000? Plus they still have to sell the home once they get it.
This lien will NOT stop you from refinancing or selling the home, but you will be forced to pay the lien off before you can receive any proceeds from the sale or refinance.
Best of luck!
2006-12-27 10:36:06 · answer #2 · answered by trblmkr30 4 · 0⤊ 0⤋
Agreed with above. In most situations, lienholders are just getting in line in the event there is a foreclosure/bankruptcy. Obviously the mortgage bank will be in 1st position, but if you have used remaining equity as collateral on another debt, they want to put others on notice that they are next in line.
2006-12-27 09:37:31 · answer #3 · answered by Ratmeyer 2 · 0⤊ 0⤋
No, not usually. But, you can't sell your house until the lien is settled.
2006-12-27 09:30:26 · answer #4 · answered by John Stamos 3 · 0⤊ 0⤋
depends on who puts the lein on the house. the lein holder can start proceedings, but no one else can. the lein prevents you from doing anything on your hourse (loans, HELOCs, etc)
2006-12-27 09:37:56 · answer #5 · answered by JuJitsu_Fan 4 · 0⤊ 0⤋