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What does it mean to have a lien against my home?

You are either facing a foreclosure or getting ready to sell your house, and you get a notice that you have a lien against your property. Understandably, this may cause you some concern. What exactly is a lien, and how can it affect you? It may help you and other Mississippi homeowners to know how liens work.

SFGate provides a thorough description of property liens. A lien against your home means that another party is claiming you owe them a debt and they are attempting to collect. If you do not satisfy the debt, they may have a claim against a part of your home’s value. There are two different types of property liens, as explained below:

  • Voluntary lien – You willingly enter into this type of lien, which can be a home equity loan, home equity lines of credit or your first mortgage. Selling your home usually satisfies this type of lien.
  • Involuntary lien – This usually results from a financial judgement against you, such as unpaid taxes, a mechanic’s lien or the amount you are required to pay another party resulting from a lawsuit.

Having a lien against your property may negatively impact your credit score, affect your ability to be approved for loans and frighten away potential buyers of your home. You will want to clear a lien from your title if you are preparing to sell your home or attempting to satisfy your financial issues. Repaying debts you owe is usually enough to remove the lien from your property. It may be a good idea to speak with an attorney if you are facing foreclosure or trying to remove a lien from your title. However, this blog is not meant to serve as legal advice.

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Pond Law Firm
1650 Lelia Drive Suite 101
Jackson, MS 39216

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