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How Does A Lien Account?
A lien is a liability. It’s that simple. A lien is basically a note someone registers against your property to identify and officially register that you owe them money. You cannot sell a property that has a lien registered against it until you have paid the amount registered in full. In other words, the court awards the lien holder ownership of a part of your property until you pay the lien holder. When you tally up your net worth make sure you know if anyone holds a lien against your property. This is particularly important when you have inherited or otherwise been granted ownership of a property because the lien may be transferred to you from the previous owner. In that case, you are now liable to pay the lien holder. The bank or mortgage company that financed
your home or people you owe money to may register liens against your
property. So if you don’t pay your bills and repossession is not an option, the person you owe the money to may take the step and register the lien.
How to avoid a lien? - PAY YOUR BILLS!
How to get rid of a lien? - PAY YOUR DEBT!
Really – it’s almost that simple. With one exception: If you had a lien against your property you need to make sure the lien holder notifies the local or district court to have it removed. If you ask the court to get it removed, you need to show hard proof that you paid the amount to the lien holder’s satisfaction. So stay away from over-the-counter cash transaction in this case, unless you exchange the cash for hard proof of the receiver’s satisfaction.
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