There are 3 general kinds of liens: statutory, consensual, and judgment.
Statutory
Every statutory lien result from state and federal laws. They typically occur automatically and are deemed as involuntary liens.
Liens don’t have to slow you down. Read below and see how you can work out this financial issue.
Tax Liens
You are going to have a tax lien when you owe back taxes to the Internal Revenue Service, and they put a lien towards your property. This is not simply a consequence of outstanding federal income tax. You might additionally have a lien placed towards you because of outstanding property and/or estate taxes.
This is a general lien that the government places towards your property when you do not pay your tax debt.
Mechanic’s Liens
When a contractor and/or mechanic works on your property that you are owner of and you decline to pay them, they could put a mechanic’s lien towards your property.
When you are the contractor in this case, placing a lien can assist you in getting your money. You are able to file a lien in specific cases and guarantee that you get your money for your work being a general contractor and/or a mechanic.
Home-Buying Liens
Wanting to purchase a home? Home-buying liens might be a hurdle.
This kind of lien could also impact you when you are the property owner wanting to sell your property. In this case, you are on the opposite side of the lien. However, the new owner’s payment is going to typically meet your liability to the loan and eliminate the lien.
Consensual
As the name suggests, consensual liens are intentional. Each party must agree on them for consensual liens to begin.
Purchase-Money Security Liens
This is fancy terminology for when borrowers use credit from a lender to purchase property. This property protects the credit. Kinds of purchase-money security liens comprise of home mortgages, vehicle loans, and other purchases of property concerning a credit agreement.
Non-Purchase-Money Security Liens
This type of lien is the opposite of purchase-money security liens. The lender presently owns property, and they utilize it as protection for borrowing. One instance is for a 2nd mortgage or for refinancing a mortgage.
Judgment Liens
Judgment liens come from lawsuits. Judges put this kind of lien on a defendant’s property. It grants the judge the authority to foreclose.
This is the most horrible kind of lien to deal with, so stay away from it, whatever you do.
Dar-Liens Offers Lien Processing and Filing in Arizona
Dar-Liens Offers Processing and Filing of the following types of Liens: Pre-Liens, Notices to Owner Medical Liens, Construction Liens, Mechanics Liens, HOA Liens, 20 Day Preliminary Lien Notices, and more.
