What is a lien?
A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A lien could be established by a creditor or a legal judgment. A lien serves to guarantee an underlying obligation, such as the repayment of a loan. If the underlying obligation is not satisfied, the creditor may be able to seize the asset that is the subject of the lien. There are many types of liens that are used to secure assets.
How To Know If A House Has A Lien?
To find out if your house has a lien contact Good Neighbor Home Buyers. Since we specialize in buying houses with liens we can figure out very fast if your property has a lien against it or not. We always tell our sellers a lien is not as scary as it sounds, especially if we can identify the type of lien and creditor. Once we have that info we can know how to pay the lien on the property and solve the problem. Common types of home liens we help sellers with are:
- Property Tax Liens
- IRS Liens
- Child Support Liens
- Mechanic’s or Materialman’s Liens
- Judgment Liens
- Mortgage Liens
Do Liens Expire?
It depends on the type of lien. Judgment liens in Texas expire after ten years, as do federal tax liens, and both stay attached to the property even it if changes owners. A mortgage lien remains valid on a property until the debt is paid in full. Also, many liens may be renewed by the creditor before they expire.
Selling a House With a Lien on It
Selling a home with a lien is challenging but possible. Although 11% of closing delays are due to title issues like liens, if you work with a buyer like Good Neighbor that is experienced and comfortable in buying houses with liens then you should have zero issues. Good Neighbor has licensed agents ready to answer all of your questions including:
- Does my house have a lien against it?
- How does a lien on a house work?
- Can a house be sold with a lien on it?
- How to sell a house with a lien against it?
- and any other questions you have about home liens…
Reach out to us by filling out the form below or giving us a call at 281-713-3255. We buy houses with liens and can give you an all-cash offer for your home in less than 24 hours. We cover all closing costs, fees, and commissions so you do not have to spend any money out of pocket when selling your house with a lien against it.
Good Neighbor buys houses with liens against them. We help homeowners in any situation and give fair all-cash offers for homes in any condition. Give us a call at 281-713-3255 or fill out the form below and a licensed Good Neighbor agent will reach out and discuss all of your options. Contact our Houston office today!