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Lien >> Back to glossary

A lien is a term that you may be vaguely familiar with if you have borrowed money on different occasions. You may be aware that it is some form of security that could result in your asset being lost by legal action being taken for not payment of a debt. Liens can be very complicated as there are different types that fall under different legal rules. Nevertheless they are a very important part of borrowing money and can have a disastrous impact on your financially, if you default on paying monies back that you borrowed that has a lien attached to it.

There are liens such as a mortgage or chattel mortgage. This means that you cannot sell your home or property without the consent of the party holding the mortgage, and once you did sell you would need to pay out the balance of money owed to the mortgage holder that the lien was applicable to. Then there are liens that can be implemented against your property and assets if you owed money to the tax department.

A good example would be if you purchased a car from a Company and they put a lien against the car that would be in effect until you totally paid for the car. This would mean that you could not sell or dispose of the vehicle in which the lien was applied to without the permission of the holder of the lien. There would probably be the stipulation that you pay the balance of monies owed either immediately or as soon as you sold the item.

The bottom line is liens can be very complex, and it is enough to know that if you own any property or asset that has a lien against it, and you are in financial trouble, then you need to take action immediately. If you are in default of payments that pertain to that lien then you are at risk of losing your asset. If this is a situation that describes you, then the best action you can take is to immediately fill out our no risk quote form here. We can get you the financial experts you need to take control of your financial debt situation and find the debt remedy that is going to lift this heavy burden from you. Here at DebtCafe USA we have been assisting many people who were under terrible financial debt stress become debt free and in financial control once again.

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