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What is a lien? - The Bills.com Blog
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What is a lien?
Thursday, Oct 29, 2009
Question: It showed I have a lien on my report what do I do
Answer: A lien is an encumbrance -- a claim -- on a property. For example, if the debtor owns a home, a creditor with a judgment has the right to place a lien on the home, meaning that if the debtor sells or refinance the home, the debtor will be required to pay the judgment out of the proceeds of the sale or refinance. If the amount of the judgment is more than the amount of equity in your home, then the lien may prevent the debtor from selling or refinancing until the debtor can pay off the judgment. Again, every state has its own rules about property liens, so debtors with a judgment against them who
own property should review their state's laws to learn what a creditor can and cannot do to enforce its judgment. See the Bills.com resource State Consumer Protection Laws and Exemptions for an overview of each state's rules.
Here, I suggest you contact the creditor listed on your credit report, and learn why it placed a lien on your property. Of course, the credit
Here, I suggest you contact the creditor listed on your credit report, and learn why it placed a lien on your property. Of course, the credit
reporting agencies make errors often. It is possible that they made a mistake. If that's the case you need to notify all three credit reporting agencies of this error. Go to the Bills.com debt self-help center and download a debt dispute sample letter.
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/blog/
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/blog/
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