There can be so much involved in the traditional sale and purchase of property that it’s easy for important information to be missed. You have pages of documents to fill out, and you may not understand all the terminology.
However, ‘lien’ is a real estate term that you may like to familiarize yourself with, particularly regarding property sales and purchases in Texas.
What Is a Lien?
A lien is a legal claim to assets that have been used as collateral for a debt. They can be attached to vehicles, furniture, and properties by people filing lawsuits against a property owner, such as a local government for failure to pay taxes or someone who has won a judgment against a property owner that hasn’t been paid.
However, liens can also be voluntary, such as mortgage liens. These are taken by mortgage lenders and are granted by property owners voluntarily upon closing on a loan.
When a lien is attached to your home, of which you are the legal owner, the lien holder has the power to foreclose on your property if you don’t meet your financial obligations. You can have more than one lien on your property, and each lien holder can force the sale of your property to recoup their costs if you fail to pay what you owe.
How to Apply for a Lien?
Mortgage liens are the most common lien type, and they form part of the paperwork for most home loans against a property title. Knowing that having a lien can be your foot in the door to property ownership, you may be curious about how you can apply for one.
You’ll be pleased to know it’s a straightforward process with the right businesses. When you find a company or lending institution that can offer funding for you to secure your dream home, you simply need to contact them.
They can work with you to learn about your property ownership goals and create deals and contracts for seller-financed notes, mortgages, and creative real estate lending solutions.
Selling a Property With a Lien
When you end up in a dire financial position with no way of servicing your debts like property taxes, you may end up with a lien on your property title from a business, government, or individual. When the time comes to sell your property or even take on another mortgage, this lien can prove problematic.
Fortunately, selling a property with a lien in Texas doesn’t have to be a significant undertaking. When you work with professional property purchasers like Patriot Deed Buyers, they can provide a fast cash offer for your home that sees you with more options than you might think.
Upon receiving a cash offer, you can pay the lien off and be free of your financial obligations and debts once and for all.
Liens on properties in Texas don’t have to be a burden. Patriot Deed Buyers can buy your properties with existing liens and even sell you properties with mortgages if you’re ready to take your first step into homeownership. Contact Patriot Deed Buyers today to learn more about liens, property purchasing, and property selling.