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Property Lien In legal terminology a "lien" is a claim made against a piece of property as a method of securing the payment of a debt or similar contractual obligation. The property in question serves as security for the loan meaning that, in the case of a default, the property can be sold to secure payment. A mortgage is actually a lien against the home in question. It is the mortgage company's security on their investment. If the holder of the mortgage fails to meet his contractual payment obligations, the mortgage company may take the home to recoup their losses. In examining an individual's financial history to determine if they can qualify to take on a mortgage, the lender will typically consider other liens or mortgage obligations in which the individual has been involved. If a mortgage applicant has defaulted on a mortgage in the past that record can adversely affect their chances of securing a mortgage for a second piece of property in the future. More terms explained |
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