If the "line of credit' is in the form of a mortgage recorded in the land records then the lender can foreclose and take possession of the property. If it's not a mortgage then the creditor can seek a court judgment and if successful can then record a lien against your property. The property can't be mortgaged or sold until the lien is paid. If not paid and if the lien is for a substantial amount the creditor can sieze the property and sell it in most jurisdictions.
The lien can be reported to a credit reporting agency.
Yes, a credit card company can put a lien on your bank account or your house in North Carolina. They would have to go to court and obtain a judgment and will probably not do this unless you owe a large amount.
Yes. A lien will show up on your credit record whether you paid cash or mortgaged your property.
The lien is probably still in place, and the fact that it was filed is still on your credit file.
If there is a mortgage/equity loan involved,that loan will report on your credit history. The lien will report on the title of the house. A title search will be conducted if you are selling or refinancing the house.
Yes, there will be a federal tax lien put on your house that is in forclosure. The bank or person that buys your house will have the option to pay that lien off.
Ask your bank OR The credit reporting service you use OR The person that holds the item that has the lien on it OR If you know the name, call them.
You can not sell your house or if you die your home will go to the people who have a lien on your home.The best thing to do is to pay off the lien which is usually someone or a bank you owe money.
You have to, it is a debt...it is just a secured debt...by the lien on the property.
A lien is a security interest in the property. A lien might arise from a loan. If you buy a car with the bank's money the bank will put a lien on the car. If you don't pay the bank back, it can foreclose on its lien and take the car from you. If you have a roofer add a new roof to your house, and you don't pay him, the laws allow the roofer to put a lien on your house. The roofer now has a stake in the house. If you don't pay off the lien your house can be forcibly put up for sale in order to satisfy the lien. I believe "property and tenets" translates into modern speak as "property and belongings".
If the lien is reported to your the 3 credit reporting agencies or even one as a collection it will effect your credit. If the lien is just on your home it will not effect your credit however you will have to pay the lien off when you sell or refinance your property. Also some of these liens have running interest which can be a shock in the future.
A lien is considered personal property.A lien is considered personal property.A lien is considered personal property.A lien is considered personal property.