What does this mean?
A claim against the property for the payment of a debt, judgement, mortgage or taxes.
Example : Unpaid contractors may file a mechanic's lien.
Answer:
I don't know
Contractors that are not paid would be able to get their money thru another way by filing a lien which means give me my money or im taking your ** you get yet.
It means:
Say you have house you didn't pay taxes or for work done on the house on and they file a lien. You later want to sell the house. You can't until you pay the lien.
Sometimes, a lien carries with it the right to sell property, if necessary, to obtain the money. So if you don't pay your taxes and they file a lien, they can force you to sell your house in order to them to collect the tax.
In different states it can mean different things.
Generally, a mechanic's lien is filed by a contractor when they are not paid by a property owner. It generally does not mean they can take your property or force a foreclosure, however they CAN hold up a property sale and the lien will have to be paid from the proceeds of the sale.
Mortgage or taxes are a different issue. A bank, city, state, etc can foreclose due to unpaid taxes or mortgage payments.
So, basically, if you pay your bills, you're fine. If not.well, people will want the money somehow. :)
When a lien has been filed against a piece of property, that means that the owner of the property has not paid a debt owed in relation to it (taxes or construction such as a room addition). The entity to which the debt is due may file a lien against the property as a means of protecting their financial interests to ensure payment. The property can not be sold until the lien is released (when the debt is paid).
Also - these liens are generally recorded with the county recorder so that the are public record. That way if the person wants to sell the property, the title company handling the sale will do a search and see these liens and use proceeds from the sale to pay whomever is on record as being owed money against this property.
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