Ways on Removing a Lien on a Property
Lien is simply a claim. It is often made by the person, leader or company that lent the property. Mortgage loan is considered as a lien as well as home equity loan and are property loans that have the permission of the owner of the property. There are also liens which has no need for the owner’s consent. If you haven’t paid a creditor of the property you are living in, an involuntary lien is initiated as a result.
Whether you have a voluntary lien like mortgage loans or an involuntary lien, each situation needs immediate attention or solution. Liens are impacting issues regarding legalities and even property selling in the future.
To make sure liens don’t have a hold on you, here are some ways to remove it or have yourself released from it including the debts included in the picture. Pause on searching ‘how to clear mortgage lien’ for a bit and read on.
1. Form for release of lien
After paying for your lien a release form is available for you to take advantage of. You can have the holder of the lien sign the form with the presence of the notary. Just, a head’s up though, this process involves a fee you need to pay for.
2. Statute of limitations
Rules always vary in different places and same goes for every state. However, you have the choice to wait out on your lien given that you have enough time to do so. Statute of limitations differ with respect to each kind of debt. When it comes to property ownership, statute of limitation also differs. In a majority of number of states, the lien of a property run out with respect to the statute of limitations after a decade while some states often offer a much sooner statute of limitation.
3. Court order
Liens that seem invalid I the point of view of a property owner can be removed through asking the court to have the lien removed. A judge in the court can order the lien removal if there is proof provided by the owner of the property. Given that the proof proves that the lien is either invalid or expired.
4. Take advantage of insurance
You have a great advantage if you have insurance affiliated with your property. This means that you have an option if the lien or claim is not valid. If the lien on your property is not shouldered by your name then you can certainly raise the situation to the insurance company your property is affiliated with. Through leaning to your insurance company, you can have the issue solved in no time.
A home or property is a great investment but I sue comes with great responsibility. So, if ever you have a property, make sure you know you study hard and keep with your commitments. Take note, meeting the deadline of your financial responsibility is much easier than having to give up your home. Always prioritize your finances. If ever you are in a dire situation and need an expert for help, connect with savetampahomes.com.
