How does a creditor place a Lien on a piece of real estate an individual owns ?

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Jay	How does a creditor place a Lien on a piece of real estate an individual owns ? Individual wants to borrow money in exchange for a lien on their house to pay back the loan when the house sells. Answer Question

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Jonathan · Answer 1 · 7/4/2011 12:09:45 PM

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A lien is the right to retain possession a property of another until the owner fulfills a duty. For example a mortgage is a common lien.
The right of lien generally arises by operation of law, but in some cases it is created by express contract.
Source: http://www.lectlaw.com/def/l036.htm
In this case the lien is intended to secure the payment of a debt and the lien can be imposed by a contract between the creditor and the debtor. The creditor then files the lien in the property records, and thus a lien is created against the debtor's property.

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http://www.lectlaw.com/def/l036.htm

Jul 4th, 2011 at 12:09 PM

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How does a creditor place a Lien on a piece of real estate an individual owns ?

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