Financial troubles can be difficult to navigate, especially when liens are involved. Having a lien against your property can make it difficult to get back on track but there are some steps you can take in order to minimize the damage and protect your assets. Here’s what to do if you have a lien against property.
Review Your Credit Report
Make sure you review your credit report to understand the full scope of what needs to be addressed; this includes verifying who the creditors are, the nature of the debt, and how much is owed. When reviewing your credit report, there are many specific pieces of information to be aware of. The most important is the name and contact information of the creditor that has placed a lien against property.
Sell Your Lien
Selling your liened property to a company such as Mayflower Judgments can be a great way to pay off the debt and avoid further complications. If you decide to sell, make sure you find a reputable real estate agent who can help you with the process. When selling your liened property, it is important to research the best possible pricing and to be familiar with all of the laws in your state pertaining to liens. You may be able to negotiate a lower price or different type of payment plan depending on how much you owe and what the creditor is willing to accept.
Make Payments
Once all debts are settled and arrangements made, make sure that you keep up with all payments as scheduled; failure to make timely payments could lead to creditors enforcing their rights under the lien agreement, potentially leading to foreclosure or repossession of the property.
