The mortgage is a type of lien. But there are other kinds of liens, such as when a contractor works on your house, and you didn’t pay them, they can place a lien on the property until you pay. In the worst case, a contractor could forclose and force the sale to cover the debt.
I don’t know if “foreclosure” is the right word to describe a forced sale due to a lien, but I do know the person didn’t mean to write “disclosure” instead.
In some states if you hire a contractor to do work, and they hire some guys and doesn’t pay them, those guys can put a lien on your house even if you payed the contractor. 😳
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In my understanding a lein doesn’t usually lead to disclosure, they just make sure they get paid when it’s sold.
Lien** and for the person you replied to
Also “foreclosure,” not “disclosure.”
Can you be foreclosed on when you own out right? Seems like mortgage terminology.
The mortgage is a type of lien. But there are other kinds of liens, such as when a contractor works on your house, and you didn’t pay them, they can place a lien on the property until you pay. In the worst case, a contractor could forclose and force the sale to cover the debt.
The sentence in question was:
I don’t know if “foreclosure” is the right word to describe a forced sale due to a lien, but I do know the person didn’t mean to write “disclosure” instead.
deleted by creator
In some states if you hire a contractor to do work, and they hire some guys and doesn’t pay them, those guys can put a lien on your house even if you payed the contractor. 😳