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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Lein Holder Posted by Kristine-CA on January 02, 2009 at 11:55 AM In Reply to: Lein Holder posted by Cheryl Myny on January 01, 2009 at 12:04 AM Cheryl: what was suggested to you was a loan, or mortgage, against your house. The positive is that you get cash and the lender has a lien. If you don't pay, the lender can take the house. There are legal requirements, but that's the basics. The negatives are that if you are have poor credit, you will only qualify for very high interest rates. If you have no income, or documentable income, you will qualify for the worst rates, as in 18% (or more) plus points and fees. Kind of like using a credit card to keep your house. The lender would require that the property taxes and any other recorded debts against you be paid off as part of the loan. Typically there would be an escrow service that would pay off the taxes and other debts and issue the funds and a promissory note and mortgage. What state are you in? Past due property taxes aren't always a immediate problem. Here in CA, they can be past due for years. I'm assuming that you are the only owner and that you own it free and clear, except for property taxes. If not, there are other complications when trying to get a loan. Hope this helps, Kristine : Can someone please explain what a lien holder does? I have a house and I need money, I have bad credit and owe taxes on the property. Someone told me top check into a first lien holder for my house and that they would help me out. Cal somebody please explain what they will do for me? Is it a good idea? What are the negatives and positives about taking this route? Please respond I don't have much time and I have everything i own invested into this house. PLEASE HELP! Thank you for your time. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Cheryl: what was suggested to you was a loan, or mortgage, against your house. The positive is that you get cash and the lender has a lien. If you don't pay, the lender can take the house. There are legal requirements, but that's the basics. : The negatives are that if you are have poor credit, you will only qualify for very high interest rates. If you have no income, or documentable income, you will qualify for the worst rates, as in 18% (or more) plus points and fees. Kind of like using a credit card to keep your house. The lender would require that the property taxes and any other recorded debts against you be paid off as part of the loan. Typically there would be an escrow service that would pay off the taxes and other debts and issue the funds and a promissory note and mortgage. : What state are you in? Past due property taxes aren't always a immediate problem. Here in CA, they can be past due for years. : I'm assuming that you are the only owner and that you own it free and clear, except for property taxes. If not, there are other complications when trying to get a loan. Hope this helps, Kristine : : : Can someone please explain what a lien holder does? I have a house and I need money, I have bad credit and owe taxes on the property. Someone told me top check into a first lien holder for my house and that they would help me out. Cal somebody please explain what they will do for me? Is it a good idea? What are the negatives and positives about taking this route? Please respond I don't have much time and I have everything i own invested into this house. PLEASE HELP! Thank you for your time. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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