Re: Lein
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Posted by Tomas
(66.91.144.122) on June 11, 2004 at 18:34:05:
In Reply to: Lein posted by leanquestion on June 11, 2004 at 16:17:39:
A lien does not preent you from selling or refinancing but the lien will get paid off when you do those things and you would get the balance of what's left. The lien just makes it harder to get a new mortgage unless you plan to refinance to pay it off. If it's not paid, the lien amount increases due to interest. The owner of the lien can force a foreclosure sale by filing a lawsuit to execute on the lien but most won't do it and just wait until you sell the house. If the lien is big enough and you have a lot of equity, they may decide to foreclose on the lien. It just depends on whether they will get enough to pay off the lien and their lawyers.
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