Classifications of Liens - Continued

2. Involuntary
You guess it, these are liens put on the property without the consent of the owner. These liens can either be specific, or non specific type liens. Specific liens include real estate tax, mechanics lien (affidavit), home association lien, municipal lien, and utility lien.

Unlike voluntary liens, involuntary liens can have non specific liens that apply to the owner, but affect the property. Some examples of involuntary liens are IRS liens and abstract of judgment liens.

As you can see, it is very important to have title work completed, and to have mortgagee insurance to make sure you are protected if a lien was overlooked in doing your due diligence. It is also very important to check with a competent attorney to determine how these liens will affect your note purchase, note sale, or real estate deal, especially when dealing with mechanic's liens.

Click here to view the classifications of liens in a chart style form for easier identification.

As you look over your title report, or doing your due diligence at the court house, notice the different liens. The involuntary, non specific liens can get you into real trouble, real quick.

I contracted out the right to sell THE NOTE PROFESSOR NOTEBOOK on EBAY, for a discounted price. Just type in Note Buying, and if there are any left, you can get a good bargain. If they are sold out, check back every week..She might put more up.

If you have any questions or comments, be sure to contact me. It is from your feedback that I get my ideas for articles.

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