answersLogoWhite

0

  • Loans
  • Mortgages
  • Money Management

Is a mortgage a lien?

User Avatar

Wiki User

โˆ™ 2010-05-23 15:45:57

Best Answer
Copy

The answer to your question is yes. A mortgage is a lien against real estate.

Generally, there are two different categories of mortgages in the US. A mortgage in a lien theory state does constitute a simple lien against the property. When it's paid off the lender will release t its lien. A mortgage in a title theory state is an actual conveyance of the property to the lender. However, the transfer is conditional. If the mortgage is paid the lender must return all its right, title and interest to the mortgagor by recording a discharge. In a title theory state the lender can take possession of the property and sell it if there is a default in the mortgage. In a lien theory state a judicial process is used in the case of a foreclosure.

2010-05-23 15:45:57
This answer is:
๐Ÿค“
๐Ÿคฏ
๐Ÿค”
User Avatar

Your Answer

Loading...

Related Questions

How can you volunteer give a lien on your house in AZ?

A voluntary lien would be a mortgage.A voluntary lien would be a mortgage.A voluntary lien would be a mortgage.A voluntary lien would be a mortgage.


What is the difference between a first lien and second lien mortgage underwriting process?

A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,


When a mortgage is forclosed with federal tax lien does the lien get paid prior to mortgage?

yes


Can a lien be put on your home if you have no mortgage?

Yes, a lien is put on your home because you have liability and it doesn't matter whether you have mortgage or not.


Is a child support lien superior to a mortgage lien in foreclosure?

No, the only lien that supercedes a mortgage holder's are delinquent state/county/city real propery taxes.


Is a subordination agreement a mortgage or a lien?

A subordination agreement is usually used to gain consent from one lien holder to take a junior position to another lien holder. It isn't by itself a mortgage or a lien.


What is a mortgage lien?

Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.


To transfer your mortgage to another property?

You can't 'transfer' your mortgage to another property. The bank owns the mortgage lien. You would need to negotiate with the bank to modify its lien.


How did first mortgage become 2nd with new loan?

A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.


How do you get a vendor to sign over a vendors lien so you can refinance?

A "vender's lien" is a mortgage in favor of the person who sold the property to you.You must pay the lien.You must get the creditor to agree to subordinate their lien to your new mortgage.


What does it mean that the mortgage company released the lien on your property?

It means that the lender recorded a notice in the land records that the mortgage has been paid. That notice releases the property from the mortgage lien.


When creditor puts lien on your home will mortgage company make you pay it or foreclose on your home?

As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.


What is a second trust deed taken back by owner mean?

That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.


Why would a mortgage release be on public record file?

A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.


If your first original mortgage is current can a second mortgage foreclose?

Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.


If payments have been made to the second mortgage but not to the first Mortgage can the first mortgage holder reclaim any of those payments from the second mortgage holder?

No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.


What is the bankers' lien?

The mortgage holder's lien which is considered a secured, priority claim.


Can a lien be placed on your house if your name is not on the deed or mortgage?

No. They can only place a lien on your bank account. If your name isn't on the deed or mortgage they can't touch it.


How do you put a lien on title with owner financing?

You need to have an attorney draft a mortgage and record it in the land records in order to create a lien on the property.You need to have an attorney draft a mortgage and record it in the land records in order to create a lien on the property.You need to have an attorney draft a mortgage and record it in the land records in order to create a lien on the property.You need to have an attorney draft a mortgage and record it in the land records in order to create a lien on the property.


How can you get an IRS tax lien off a property that you hold a mortgage on if your mortgage pre dates a tax lien for the person who financed?

The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.


How do you file a mortgage lien?

You record the signed mortgage in the local land records office.


What happens to a lien on a house after it expires?

The lain stays with the mortgage. And if the owner of the mortgage does not settle up with the lien holder that person cannot sell their house, car, boat or whatever the lien is on. They have to pay lien first or sell and before they get the money the amount of the lien will be deducted from total sell


Can a judgment lien be placed on a property mortgaged by USDA-Rd?

A lien can be placed on any property, regardless of who holds the mortgage. In most cases the mortgage holder will be paid before a secondary lien holder.


If you have a lien placed on your house does this mean you can't refinance your mortgage OR buy a new home until that lien is removed?

The lien doesn't usually affect after-acquired property unless it's an income tax lien. You cannot mortgage, refinance or sell the property against which the lien was recorded. That is exactly the purpose of recording a lien in the land records.


Can i find out if there is a mortgage on an estate?

Check the deed at the court house. There will be a lien against the property if their is a mortgage.