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Who needs lien insurance?
The lien holder would. A lien holder has a financial interest in the property
Can a junior lien be interest only?
no
How do you add interest charges to a real estate lien?
Interest on a judgment lien is set by state statute. If you don't have an attorney perhaps the court that issued the judgment could help you figure out the interest due you on your lien at payoff time. The interest rate in Massachusetts is 12%.
Do liens on homes by a contractor accrue interest?
A lien is merely a kind of security for a debt. If the contract provides for interest, then the lien, if properly drafted, will cover that. In most states there is a statutory interest rate. If the contract doesn't provide for interest, then interest will accrue at the statutory rate and the lien, if properly drafted, will cover that as well.
What does a court recording of a lien mean?
It means that the court is officially documenting that a lien exists to protect the lien-holder's interest.
Does lien holders insurance cover cost of unpaid bills after closeing?
No, a Lien holders "Single Interest" insurance policy, only covers the lien holders interest in the property, not the interest of the previous owner or foreclosed buyer. When a lien holder places it's own policy on a foreclosed or otherwise uninsured home it means that the buyer chose not to have insurance. The Lien Holder has placed the coverage to protect it's own interest. This type of policy is also referred to as "Single Interest Policy".
When a city places a lien on property can the city charge interest on the lien amount?
In most cases, yes.
Why would some one put a lien on their own home?
A person might place a lien on their own home if they were misinformed. The lien would be null and void. For a creditor, a lien creates an equitable interest in real property owned by another party. That other party owns the legal interest in the property. If a peron who owns the legal interest in property recorded a lien the two "interests" would "merge" in that same person and the lien would be nullified.
Can interest be charged once a lien is placed on property?
Yes, depending on the type of lien. Judgment liens accrue interest at a statutory rate. In Massachusetts that rate is 12%.
Do involuntary liens accrue interest?
In most cases, yes. A judgment lien begins to accrue interest at a statutory rate as soon as it is issued. The rate in Massachusetts is 12%. A lien for income, property or employment taxes accrues interest from the time of the assessment. Interest can cause the amount due to increase rather quickly. The costs of obtaining the lien are also included. It's wise to pay up as soon as possible.In most cases, yes. A judgment lien begins to accrue interest at a statutory rate as soon as it is issued. The rate in Massachusetts is 12%. A lien for income, property or employment taxes accrues interest from the time of the assessment. Interest can cause the amount due to increase rather quickly. The costs of obtaining the lien are also included. It's wise to pay up as soon as possible.In most cases, yes. A judgment lien begins to accrue interest at a statutory rate as soon as it is issued. The rate in Massachusetts is 12%. A lien for income, property or employment taxes accrues interest from the time of the assessment. Interest can cause the amount due to increase rather quickly. The costs of obtaining the lien are also included. It's wise to pay up as soon as possible.In most cases, yes. A judgment lien begins to accrue interest at a statutory rate as soon as it is issued. The rate in Massachusetts is 12%. A lien for income, property or employment taxes accrues interest from the time of the assessment. Interest can cause the amount due to increase rather quickly. The costs of obtaining the lien are also included. It's wise to pay up as soon as possible.
Is a subordination agreement a mortgage or a lien?
A subordination agreement is usually used to gain consent from one lien holder to take a junior position to another lien holder. It isn't by itself a mortgage or a lien.
How can you protect your house or car from a lien holder?
The person has a lien because they have a legal financial interest in the property. That makes 'protecting' the property very difficult without either purchasing their interest from them or having their interest removed through bankruptcy.
