Lien

Business / Taxes / Lien: A lien is a document that shows you owe money to a lender on a particular vehicle or other asset, such as real estate, that has been used as collateral on a loan. An asset on which there’s a lien can’t be sold until the lienholder has been repaid. When you own an asset on which there’s a lien, you risk having it repossessed if you default and don’t make the required payments in full and on time.

Junior Lien-Mortgage

Business / Real Estate / Junior Lien-Mortgage: An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien (senior loan) on the same real estate. MORE

Tax Lien

Business / Finance / Tax Lien: The amount in taxes a taxpayer to the government. MORE

Alienation Clause

Business / Real Estate / Alienation Clause: A provision sometimes found in a promissory note or mortgage that provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation o MORE

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