Lynn Butterfield, Coldwell Banker Harris McHaney & Faucette-RogersPhone: (801) 550-6334
Email: [email protected]
Email: [email protected]
Whether you’re a new homeowner or you’ve owned your property for years, there’s an understanding around the importance of paying off your mortgage loan. Mortgage liens as a result of nonpayment can put your home at risk, so understanding what they are and how to remove them is crucial
In real estate, a lien is an asset bound by contract which acts as collateral for a company or individual in the case an agreement isn’t fulfilled.
When you sign a contract for a mortgage loan, many lenders use the home being purchased for collateral. If the borrower defaults on the loan, the home may be confiscated by the mortgage company. A lien mortgage applies directly through your lender, whereas tax liens are involuntary through the state.
To avoid foreclosure, it’s vital to handle liens on a property. One of the first ways to satisfy a mortgage lien is by paying off the debt owed on the home. You can work with your lender to form a payment plan or negotiate for a partial payment offer.
If the lien on your home is of no fault of your own, as a property owner, you can take your case to court to legally have the lien removed. This may be most ideal if you’ve already paid off the debt owed on the home and there was a payment mix up or if your lender used underhanded means.
If you have a lien on your home and need help paying money owed on the property, consider speaking with your lender to form the best plan of action to have it removed.
Lynn Butterfield is an Associate Broker at Coldwell Banker and is a Certified Real Estate Negotiator. Mr. Butterfield has 41 years of experience in real estate sales and development. His vast experience ranges from luxury sales through commercial sales and leasing. Perhaps more importantly, he focuses his attention on client success, whether he's helping someone buy their first home, or working with a developer seeking assistance to create and position a large project in the marketplace. One recent client said, "Working with Lynn is almost like working with a Real Estate Attorney, because he knows exactly what to look for, so you can be protected!" Another first-time home buyer just said, "I needed someone to hold my hand through this because it's the largest investment we'll ever make! I know he isn't in this just to make a quick buck. He really cares about his clients!"
Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. He would be honored to put his real estate experience to work for you.
