lienholder a security interest in that property until the debt is discharged. When a lien is placed on your property, certain restrictions are placed—for example, you can’t take out a second mortgage, sell, or refinance your property until the lien is paid off and removed by a subsequent court filing.
VOLUNTARY LIENS Y LIENS
In signing your mortgage loan documents, you gave a “volunteer lien” to your mortgage provider. Although you own your home and hold the title as owner, the mortgagor has a security interest in the value of your home up to the amount you owe on your mortgage. A voluntary lien is a claim that one person has over the property of another as security for the payment of a debt. A voluntary lien is contractual or consensual, meaning that the lien is created by an action taken by the debtor, such as a mortgage loan to buy real estate. Other common examples of voluntary liens involve car loans in which the lien is noted on the title.
NONCONSENSUAL LIENS AL LIENS
A nonconsensual lien is involuntarily granted to a creditor (from the debtor’s perspective) to secure a debt owed. This type of lien comes into play after a debtor has failed to pay an unsecured obligation. Nonconsensual liens are divided into statutory and judicial liens. • Attachment Lien: An attachment lien attaches to a person’s real or personal property to prevent disposal of it
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