What is a lien on a house? A lien on a house is a legal right or claim on a property by a person or entity so that they can recover unpaid bills that the property owner has not paid. House liens are also known as property liens.

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This video covers property lien example with a few scenarios.

House Liens

Most common type of lien on a house is the mortgage lien, provided the homeowner financed his or her home. The homeowner is usually aware of this type of lien as it is established when purchasing the house. An expected payment plan is set up. As long as the homeowner adheres to the terms of the plan then homeowner is in good shape. If however payments begin to be late and missed, according to the terms, the lien holder which is the lender may take action to recover their financial interest in the secured property that is attached to the lien.

Other liens work in the same manner. They are placed on the house in an effort to collect money owed. These liens can come from contractors performing work on the property. These are commonly known as Mechanics Liens. They can be removed by the contractor once the debt is satisfied.

Liens can also come from the county in the event real estate taxes are not paid. Most homes that are financed pay taxes through escrow from your mortgage payments. If the house has no debts or your mortgage does not include escrow for real estate taxes, the homeowner will receive a bill from the county when they issue them, usually yearly depends on how the county invoices. The homeowner will usually receive notices, so property owner needs to pay to avoid the tax lien.

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Judgement Liens are usually from courts where the homeowner is ordered to make payment, it can be from creditor and if the debt is not paid, the creditor will usually file the lien to attach to your property. These liens can be avoided by making sure debts are paid.

IRS Liens – this is from the federal government. The homeowner usually knows this is coming. It is usually a result of somehow avoiding the IRS or a penalty imposed by the IRS.

These are a few of the liens covered in the video. Again, liens are usually a result of someone owing someone some money. If the homeowner pays all their bills in a timely fashion, the property will usually have no unexpected liens.

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I am a real estate investor as well as a REALTOR in Plano TX.
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Gerald Enriquez
REALTOR Plano TX
TDRealty
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