Do I Own My Home if There is a Lien on It?
Full Question:
I recieved a certificate of satisfaction and affidavit from The Clerks office of the Circuit Court of Prince William County Va.Lien satisfied. Now they say it was wrong. Date of satisfaction...1-26-05 . Contested 5-25-10. Do I own my house ?
10/12/2010 |
Category: Real Property ยป Mortgage Sat... |
State: Virginia |
#23377
Answer:
If your name is on the deed, then you own the home. A lien, such as a mortgage, creates a security interest in the property. However, until action is taken to foreclose the lien, the titled ownership of the property remains unchanged. If you default on paying the amount owed under the lien, then the creditor may seek to have the lien enforced and have the property sold in order to satisfy the amount due out of the sale proceeds.
