It’s become the “fashionable” thing to do for creditors; almost forcing the hand of property owners who are indebted to them. Once upon a time the options were restrictive, but now with the power of the property lien life has become much easier if you are owed money.
Of course, this is still something that is gradually working its way into mainstream use. Lawyers and financial experts may have known about the practice for years, but it’s only recently that other trades are joining in on the act and settling debts with the help of a property lien.
Bearing the above in mind, we’re going to give a brief overview on just how you can file a property lien as a creditor, and how you can remove the lien from the perspective of a debtor. We’ll look at both sides of the coin and by the end of this text, you’ll probably join the masses who are starting to see the power in this type of lien.
How does lien filing work?
If you happen to be a creditor, it’s now become easier than even to start the lien filing process. Specialist companies have been formed that will handle all of the aggravation for you and considering the fact that the courts have to enter the picture at one point, this is probably for good reason.
After all, to even begin the lien filing process you’ll have to have conjured up proof of the debt which in some cases, is easier said than done. Then, you’ll have to file the claim with a court and it’s only if they grant your request that you can proceed. You’ll have to enter the judgement, to inform the pulic about the decision, and it’s only at this point that you start to put the debtor under serious restrictions that can force their hand and make them settle the debt.
How can a property owner remove a lien?
Up until now, this guide has focussed on how creditors can file a lien. If you happen to be on the other side of the coin, in the situation of a potential debtor, it’s time to read on and find out exactly how you can remove one of these troublesome liens from your property.
While satisfying the accrued debt is the obvious solution, it’s not the only method in which a lien can be removed. For example, some people who feel hard-done by will turn to the courts and if it has been found that the lien was obtained fraudulently, or by other illegal means, there’s every chance that it will be manually removed.
There are further options, though. For example, if you sell the property, or it happens to have been destroyed, the lien will probably disappear as well. However, this isn’t always the case and there have been plenty of situations where liens are transformed along with a property – to prevent the obvious fraud whereby an owner would sell a property, just to relinquish the lien.
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