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[su_posts posts_per_page=”1″ tax_term=”2703″ order=”desc” orderby=”rand”] Also to know is, is a lien the same thing as a mortgage?
In terms of modern real estate transactions, a mortgage is the lien you give against your property as security for money you borrowed. This creates what’s often known as a “mortgage lien,” which is specifically the lien on your property that secures the debt created by the mortgage loan.
One may also ask, what is a first mortgage lien? A first mortgage is a primary lien on a property. As a primary loan that pays for the property, the loan has priority over all other liens or claims on a property in the event of default. It is also called First Lien.
Consequently, what does a lien on a mortgage mean?
A lien gives an individual or entity a claim to a property until a debt is paid off. If the debt goes unpaid, they have the right to take it back. Although we’re focusing specifically on homes in this post, you could also have a lien on your car or other possession that you pay off over time.
Can a lien be placed on a house with a mortgage?
Liens are commonly placed against property such as homes and cars so creditors can collect what is owed to them. Liens are removed, giving clear title to the property to the actual owner. Banks take out liens automatically when a borrower is advanced a mortgage loan, making this a voluntary lien.