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second lien—a lien that ranks next after a first lien on the same property. secret lien—a lien not appearing of record and unknown to the purchasers; a lien reserved by the vendor and kept hidden from third parties to secure the payment of goods after delivery. [26] solicitor's lien—the right of a solicitor to recover his costs from a ...
A lien is a claim that allows a creditor to seize and sell collateral (for example, your home) to pay off unsatisfied debt. In the case of a mortgage, the creditor is your lender. Mortgage lien types
A slander of title suit can be pursued with merit in a variety of circumstances including "the filing of an invalid lien against real property or virtually any type of recordable instrument recorded against a property by one without privilege which is untrue."
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. [1]
This process is also called "perfecting the security interest" in the property, and this type of loan is a secured loan. [2] A financing statement may also be filed in the real estate records by a lessor of fixtures to establish the priority of the lessor's rights against a holder of a mortgage or other lien on the real property.
When a property goes into foreclosure, the mortgage company becomes the owner of the property making it challenging for the current resident to sell the property. [5] To remove the cloud on the title being caused by foreclosure, the resident would simply need to pay what is owed on their mortgage. [ 5 ]
In the United States, a mortgage note (also known as a real estate lien note, borrower's note) is a promissory note secured by a specified mortgage loan.. Mortgage notes are a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.
A good title consists of the combination of these three (possession, right of possession, and right of property) in the same person(s). The extinguishing of ancient, forgotten, or unasserted claims, such as E's in the example above, was the original purpose of statutes of limitations. Otherwise, title to property would always be uncertain.
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