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The right to take sell or hold property as security or payment of a debt?
Wiki User
∙ 12y ago
lien
Wiki User
∙ 12y ago
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How can a lien holder refuse to return property back to buyer?
Generally, if there is a debt involved the lien holder can hold the property until the debt is resolved. It is a security interest over property to guarantee payment.
What is a "foreclosure"?
The legal process by which a lender terminates the owner's right to a property that was pledged as security for a debt.
How do you remove a charging lien that has been on the property for 6 years?
A charging lien is the right to charge property in anothers possession with the payment of a debt or the carrying out of a duty the only way to remove it is to satisy the debt
What does a mortgagor right of redemption mean. what is as is clause?
Right of redeem is the right to recover something by making certain payments. Mortgagor's right of redemption means mortgagor's right to recover or get back the property after making payment of loan. Mortgage is a transfer of an interest in immovable property for securing the loan. By way of security, the mortgagor transfers an interest in his immovable property. If the loan has been paid, the interest so transferred must revert back to the mortgagor. The mortgagee cannot retain any interest in the mortgage-property if debt does not exist.
What if you signed mortgage but not promissory note?
If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.
What is a security deed?
A security deed is used as part of a mortgage type transaction. It is a conditional conveyance of the property to the lender while the debt is outstanding. Legal title is transferred to the lender although the original owner has the right to the possession use and enjoyment of the property as long as the conditions of the loan are met. When the debt is paid the lender executes a reconveyance deed of the property back to the owner.
What is the meaning of lien balance?
The right to take and hold or sell the property of a debtor as security or payment for a debt or duty.Also can be said asSecurity Money
What is mortgage in common law?
A Mortgage is a pledge of real property to a creditor as security for the repayment of a debt involving the property.
What is a lien on property?
A lien is a legal claim against the real property of another as security for the payment of debt. A lien gives the lienholder the right to sell the property to satisfy the debt if it is not otherwise paid. The property cannot be mortgaged or sold until the lien has been paid. A lien arises only under certain circumstances such as a mortgage, court judgment or a local, state or federal tax lien. A mechanic's lien can be recorded but those have a short life and usually must be pursued in court for a lien of longer duration. Liens have varying statutes of limitation.
What is the breach of a contract mortgage by lender?
Your mortgage contract has a clause like this:23. Reconveyance: Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall reconvey the Property without warranty to the person or persons legally entitled to it.When the mortgage originator sold your note did he do his duty and request the Trustee to reconvey the Property and surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee?I don't think so!This is a black and white breach of contract.
If you default on your mortgage in Ohio can the bank confiscate other property you own in Alaska to pay the debt?
Not unless you gave the interest in the Alaska property as collateral for the loan. If you signed the Security Deed..debt deed with only the Ohio property (unless it contains a "blanket mortgage" clause or cross-collaterazation clause giving the address & legal description to the Alaska property) you are fine. Also the Security Deed or Debt Deed would have to be recorded in Alaska (in the city or county) where the property is to be an enforceable lien.
Is a surviving spouse liable for payment of debt on a loan cosigned only by the deceased spouse in Kentucky?
No, Kentucky is not a community property state.
