2007-01-25 16:36:00 · 10 answers · asked by Joel W 1 in Business & Finance ➔ Renting & Real Estate
Your name needs to be on the title deed to be an owner.
2007-01-25 16:44:16 · answer #1 · answered by Vernon H 4 · 0⤊ 0⤋
That depends...how did you acquire the lean do you now have the deed with lein released...if you just paid someone else's note than no now they own it. Is there a second lein on the house? Did you pay that one too...are there any back taxes owed that may have a lein on it...if so than no...if you really want an exact answer to all the possibilities that go with question I suggest talking with a lawyer who specializes in that field.
2007-01-26 00:44:28 · answer #2 · answered by Skinny 4 · 0⤊ 0⤋
If you buy a lien on a house or any other property, you have purchased the right to collect what is owed that caused a lien to be placed on the property. If they fail to pay, you may foreclose (in the case of a house) or take other measures to collect the debt.
2007-01-26 00:44:03 · answer #3 · answered by Brian G 6 · 0⤊ 0⤋
no ,it depends on the agreement.
you may have a claim against the owner of the house for whom you are paying the loan,but again it depends on the circumstances and any loan agreement and repayment schedule (to you)agreed to.
just because you are paying the loan(why are you ?),does not mean you will automatically own the house once it is paid,or even have an interest in the proceeds if it is sold at a 'profit"
2007-01-26 00:50:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A lien on property means that if/when that property sells, the lien-holder gets paid first. If there is still a mortgage, then the mortgage company gets their money. If there is then any leftover, the mortgage payer gets the balance.
If you buy the lien from the holder, then you become the lien-holder and get paid first as above. If you simply pay off the lien, it means that particular debt is paid.
2007-01-26 00:48:05 · answer #5 · answered by Uther Aurelianus 6 · 0⤊ 0⤋
If you mean a lien, as in a tax lien, then no, you do not own the house, unless you have all of your mortgage obligations paid off in addition to the tax lien or you mean lien as in mortgage loan. Do you have a mortgage (loan) or home equity (line of credit) out on your home? Or is it paid for in full? If it is, you should receive a release for the title of you home and insurance company.
2007-01-26 00:46:30 · answer #6 · answered by socialwork2010 2 · 0⤊ 0⤋
no you do not OWn the house..what you have is a first come forst paid note..of sourts.if /when the houe is sold the financers and any lein..not lean..holders get forst dibs on any monies that need to be paid,,
2007-01-26 00:44:17 · answer #7 · answered by ferrisandclarence 2 · 0⤊ 1⤋
If you have only that one lien yes, but better check should there be others
2007-01-26 00:45:21 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No, it means you own the lien.
2007-01-26 08:41:33 · answer #9 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
It to me depends on if you are doing this for yourself , or someone else .
2007-01-26 00:42:19 · answer #10 · answered by janice a 4 · 0⤊ 0⤋