A claim placed on a property to make sure that a debt is repaid
The mortgage on your home is a voluntary lien – you agree to put up your home as a guarantee that you’ll repay the loan. Creditors, like the IRS or someone who has won a civil court suit against you, can also have a lien put on your home, but without your permission. All liens must be paid off before you can sell or will your property to someone.
See: Judgment lien,Mechanic’s lien, Foreclosure
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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