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Posted: Wed Jul 23, 2008 1:24 pm Subject: can they take our home

If you get a lien on your home does that mean that they force you to sell it???

Posted: Wed Jul 23, 2008 1:26 pm Subject:

I believe that it just means that if you ever do sell it or lose it, then they have a claim (in the amount of their lien) against the proceeds of the sale.

Posted: Wed Jul 23, 2008 1:29 pm Subject:

With a lien on it, you would be unable to refinance or sell the home without clearing the lien though.

Posted: Wed Jul 23, 2008 1:32 pm Subject:

alias1958 , you are dead on correct. Smile

Posted: Wed Jul 23, 2008 5:30 pm Subject:

Also, mortgage companies don't like anyone having any claim on their collateral. If a lein is discovered, it is likely your mortgage servicer would make you address it immediately. Pull your mortgage paperwork and get out the magnifying glass.

Posted: Wed Jul 23, 2008 6:46 pm Subject:

Generally the only lienholder(s) who can initiate a foreclosure is one where you've actually given the property as collateral (ie a mortgage). Subordinate liens, like a mechanics lien or judgments, just lay dormant until you ever go to sell/refinance the house. You wouldn't be able to sell/refinance until the lien is paid off.

Mortgages do usually have "due-on-demand" clauses which state that if you allow another lien or encumbrance to be placed on the property, then they can demand the entire balance due immediately. How often they enforce those clauses, I don't know?

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can they take our home

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