What does it mean to have a lien against a house?

Answer by  maggie711 (285)

A lien is a contractor's way of insuring payment -- electricians lien, carpenters lien. After completion of work, they remove the lien. If you default on payment the lien is like a second mortgage against your property. They have legal recourse to be paid.

Answer by  Keith (130)

A lien means that a bank or morgage company is holding the deeds to your house because you have not fulfilled your financial obligations with a bank or other lending institutions. A lien means that you have used your home as collateral for a loan or morgage and missed payments.

Answer by  Ginny (2251)

You have a claim on property that is owned by another person. It is usually done to secure repayment of a debt or other obligation. It can be done with or without the consent of the other person.

Answer by  Kaylene (93)

A lien on your house is placed when another individual or company is able to sufficently prove that you owe money for items or repairs on the property. The lien must be satisfied or proven not valid before the property can change hands or a new loan taken.