Having a mortgage on your home can be stressful as you’ll have to clear the debt before you can release the lien on your property. A lien on a house means that the buyer/owner has to pay a certain amount to the lender to release their interests in the property.
So, what is a lien on a house, and why does it matter?
In this article, we’ll answer all such questions you may have.
CertSimple is a family-owned and run business and we can help you with all you need to know about getting property lien for your house, including tax certificates and technical assistance.
A lien refers to the interests of a lender in your property that persist until the debt or mortgage has been paid in full and a property lien release document has been issued by the lender. If your property is under the mortgage, then the lender will have a lien – this is pretty much the same (in principle) as keeping the title of the property except that you have the title and in such cases, only the mortgage lien represents the interests of the lender.
Now comes the part where we address some more complex questions.
How long does a property lien last? This depends on how long you take to pay the mortgage. In some cases, lien expiration precedes the payment of the debt which can put the owner in a precarious situation. In general, it is best to pay off the debt within the stipulated time frame. This will play best to your credit.
If you violate the set conditions of the debt, you’ll have trouble lifting the mortgage.
If you’re clear about how long can a lien stay on your home, you can proceed to remove it before the time limit expires.
Here’s how you do that:
The ideal route is to clear the debt with your last payment. Just be sure about the sum you need to pay – the balance on the mortgage may not be the sum that is due. If you clear a mortgage this way and lift the lien on the house from the previous owner (or your own), be sure to report the debt clearance to the lender so they can send you the lien release documents.
Another possibility is that you may partially pay the mortgage on your real estate; if so, you’ll be able to ask your lender to lift the mortgage on some of your property. Most people searching for “how long does a property lien last” won’t be able to pay their mortgage in full, thus this option comes forward as the only practical solution.
Once the debt has been paid in full, you can ask the lender to remove the lien. First, make sure that you have cleared the debt – get a letter stating the balance of the debt before rolling out the final payoff. When the debt has been cleared in full, the estate can be put up for buy/sell agreements, and so on. But that is only possible once you get the lien release documents.
Lastly, do property liens expire? Yes, they do!
Before the expiration date draws near, it is wise to clear the debt; the duration of the lien depends on state and local laws.
This is the most effective approach to removing liens from property.
Hopefully, this article gave you much-needed insight into how lien on the house works and how you can clear your property lien. Now that you are acquainted with the process of lifting the lien, you need to take the next step – to consult property experts for the proper way out. CertSimple understands and respects your position in this matter.
You can reach out to us for all types of assistance. CertSimple has offices in Dallas, TX and Austin, TX, but we serve all 254 counties in Texas, including:
Send us a message through our contact us page or give us a call today.
