A mortgage lien is a pledge of property by its owner to secure the repayment of a debt. It is a voluntary lien created by the debtor; it covers only the specific property that its owner elects to pledge. If the debt secured by the mortgage lien is not repaid, the creditor can foreclose on the property. If the sell of the property does not result in enough money to pay the debt, some states allow the creditor to petition the court for a judgment lien for the balance due.
Previous post: A house is not a piggy bank
Next post: What is a property tax lien?
You must log in to post a comment.