Liens

A lien allows a creditor or bank to sell a mortgaged or collateral property in order to recoup losses when an individual fails to meet the loan specifications or payments. A lien can be voluntarily placed through the signing of a mortgage/loan or by the government if taxes are left unpaid. Klun Law Firm can help you through your next real estate transaction. Call us today at 1-877-365-3221.

Mortgage

The mortgage is an interest in real estate that the borrower gives to the lender as security for performance of the borrower's obligation to repay the debt. In Minnesota, a mortgage is a lien on the borrower's property and the borrower retains title to the property. If the borrower does not repay the loan according to the terms agreed to by the parties, the lender may foreclose on the mortgage. Issues addressed include:

• warranties of title

• payment of taxes, charges and liens

• environmental representations and indemnities

• insurance requirements

• application of insurance and condemnation proceeds

• defaults

What is a Mechanic's Lien?

A mechanic's lien is a document that guarantees payment for contract services or improvement services on a piece of property. If a bill is left unpaid, a contractor can sign a mechanic's lien which will ensure payment. A mechanic's lien gives incentive to the the property owner to pay the contractor and is a prerequisite for a foreclosure filing.

Liens

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