You are the owner of your property, but sometimes things can go wrong with the title of the property. Among the elements that can ruin your peace of mind is having a lien against your property. A lien is a legal claim on your property by someone else for the money you owe them. A lien can be put on your property by your creditors, a contractor, the government, or any other party that has a financial interest in the property.
In this blog post, we will outline the steps to follow if you have a lien against property.
Understand the Lien and Its Terms
If you learn that a lien has been placed on your property, the first thing you should do is determine the details of the lien. Get a copy of the lien from the county clerk’s office or the party that filed the lien. You should read through all the terms of the lien and understand the payment obligations, interest rates, and the timeframe for paying it off. Knowing these terms will help you decide the best course of action.
Negotiate with the Creditor
Once you understand the lien against property and its terms, you should contact the creditor and negotiate payment terms. Creditors can offer different terms, such as reducing the amount owed, waiving interest, or extending the lien’s payment period. You should explain your financial situation and provide any necessary documents to support your claim.
Pay Off the Lien
If you have the financial means, you can negotiate a payment plan that suits your budget or pay off the lien in full. If you choose to pay the lien in full, ensure that you receive a lien release document or satisfaction of the lien from the lien holder, such as Mayflower Judgments. This document will be filed with the county clerk to show that the lien has been paid off, and you own your property free and clear.
