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Homeowners and homebuyers should understand that not paying back a debt could result in a lien on their property. A lien is a legal document that places a claim on a home or other property so a creditor can secure the payment of a debt. Once a lien is in place, the creditor generally has the right to sell the home. Common causes of liens include not paying taxes, child support and lawsuit judgments. Here are common types of liens that can affect homeowners:
Tax lien — If the homeowner has neglected or refused to pay taxes, the federal government can use a tax lien to claim their real estate, personal property and financial assets to pay the tax debt.
Judgment lien — If someone wins a monetary judgment against the homeowner, the creditor might be able to file a judgment lien if the debtor fails to fulfill the judgment’s contractual obligation. A judge can place a judgment lien on a house, a car or any other property deemed of value. Consult your state laws for more infor ...
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