A lien is a legal term that many do not understand at first. A lien is a legal claim or right against someone’s property. This property is commonly home or an automobile. Liens, in some cases, provide security, as organizations or people that hold liens on the property. So they can obtain that property as a way of satisfying debts or obligations. Many encounter liens as part of a homebuying scenario, wherein the bank or lender that administers your home loan has a lien on your property to ensure they receive satisfactory payment for the home loan.
Common Times Liens Are Formed
Liens are a possible legal action anytime someone else has a right to your property, typically when you purchase that property and borrow money. In-home loans, your home serves as collateral to the lender. This means that the lender may place a lien on your home in your loan agreement, allowing them to foreclose on your house if you do not make payments.
Liens are also common in auto loans. This is very similar to the home loan scenario, but instead, if you fail to make car payments, your car loan lender can repossess your car. This repossession process can happen at any point, and the auto lender can come to pick up your car.
How to Remove a Lien on Your Property
If you want to remove a lien from your property, you have a few options. The most common and clear-cut way to remove the lien is by paying off the property’s debt. You may also be able to settle with your creditor through negotiating. If you do not think the lien is legitimate, for instance, if you bought a piece of property with a lien that did not get released, you can correct it with the creditor or lender.
However, if you want to dispute a lien and disagree about its legitimacy, you may need to bring legal action. You should contact an attorney in your area with experience in property law and removing unjust liens.
Contact Herrman & Herrman P.L.L.C. at 361.882.4357
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