What type of lien is a specific lien?

What type of lien is a specific lien?

Specific liens are typically voluntary liens. Voluntary liens are placed on the subject property with the consent of the owner. This is usually done through the loan documents (mortgage and promissory note). The property owner voluntarily creates a debt, which results in a voluntary lien.

What type of lien is a tax lien?

Tax liens. Tax liens are involuntary general liens, created by state or federal statute. If an individual or company fails to pay their taxes, federal or local, the IRS or some other government entity can place a lien on the property for the amount of unpaid taxes.

How do I refinance a lien?

There is a solution. Combine the loans under one lender. Use the existing first mortgage lender or the existing equity loan lender or a completely new bank. A combined or coordinated double refinance preserves all lender first and second priority rights.

What is another word for Lien?

What is another word for lien?

charge	claim
encumbrance	incumbrance
mortgage	right
hold on property	hypothecation
security on property

Is a lien a debt?

A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A lien could be established by a creditor or a legal judgement. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.

What does a property lien mean?

A property lien is a legal claim on assets that allows the holder to obtain access to the property if debts are not paid. A property lien must be filed and approved by a county records office or state agency.

What is the difference between a loan and a lien?

Lien is a record that can be put on your asset, meaning that any sale proceeds of the asset will go to a lien holder/lien holder must approve any transfer of ownership. The asset continues to belong to you though. Loan is when someone gives you money and you promise to pay it back.

What is Lien and its types?

Meaning and definition of Lien Lien is the right of one person to retain possession of goods owned by another until the possessor’s claims against the owner have been satisfied. In the Contract of Bailment Bailee has a right to exercise the lien over the goods bailed to him.

Is a lien release the same as a title?

The release of lien may be a separate document or it could be the original vehicle title, with the lien signed off on the front. All titles and releases of lien are sent via regular, first-class mail.

What is an auto lien release letter?

The car (vehicle) lien release form is a document that is used by a lending institution or entity after a borrower has paid the loan in full and the borrower would like to retrieve the title to their vehicle.