HOW DOES A LIEN AFFECT ANY PROPERTY

Additional entities can place liens on property to recover defaulted payments. Such cases include car loans, unpaid credit cards, and even federal income taxes to name a few.

When a borrower has a co-signer, that party agrees to be responsible if payments aren’t made. But if a borrower defaults in payments, the lender could place a lien on the co-signer’s assets in order to recover their funds. This often takes place when the lender requires the borrower to court, arguing the money owed, and the court grants the lender a lien against property owned by the co-signer to satisfy the case.

An example of this type of situation would be when a person owes a landscaper for work they provided but the person doesn’t pay because of a dispute. To recover their money, the landscaper goes to court to put a lien on the person’s property or other asset the court allows.

Once you know the difference between a mortgage and lien, you’re better equipped to move forward with the home-buying process.

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