There is nothing more frustrating than having a lien on your home, especially if you are trying to sell or refinance it. A lien on a property can limit your options and make things difficult, but it’s not the end of the world. In fact, there are several things you can do to resolve a lien on a house and get back on track. In this blog post, we will discuss everything you need to know about liens and what you can do to resolve them.
Understanding Liens on a Property
Before we dive into what you can do about liens, it’s important to understand what they are. A lien is a legal claim on a property that secures a debt. It essentially gives the creditor the right to sell the property if the debt is not paid. Liens can be put on a property for a variety of reasons, including unpaid taxes, unpaid bills, or a homeowner association’s dispute.
Paying Off the Lien
The simplest solution to a lien on a house is to pay it off in full. Once the debt is satisfied, the lien will be removed, and you can move forward with selling or refinancing your property. However, this might not always be possible, especially if the debt is very high. In this case, you may be able to negotiate a repayment plan with the lien holder, allowing you to pay off the debt over time. Alternatively, you can sell the house along with the lien to a company like Mayflower Judgments. The new buyer will assume the lien, and you can use the proceeds of the sale to pay off your debt.
