In the case of a mortgage or carloan default, the lien protects the bank and helps them get back as much money as possible from your home if they reclaim the property and it's sold. With other types of liens, d
A tax lien is a claim imposed by law upon property or other assets to ensure the payment of taxes. Here's what you should know.
Joint tenancy is a form of property ownership normally associated withreal estate. It typically involves two or more individuals acquiring property simultaneously, such as purchasing a house. The legaldeedthat transfers ownership will list them as joint tenants. Each joint tenant shares an equal inter...
Any additional loan against the property is called a subordinate mortgage or a subordinate lien. As the name implies, this second mortgage is junior to the first one in terms of reimbursing creditors or lenders — they’re second-in-line to get paid if you get foreclosed on or become ...
What are real estate transfer taxes? A real estate transfer tax is a fee you pay to a state, county, or municipality for “the privilege of transferring real property within the jurisdiction.” Depending on where you live, the tax can be a flat fee or an amount specified per every $100...
A short sale in real estate is an offer of a property at an asking price that is less than the amount due on the current owner's mortgage. A short sale is usually a sign of a financially distressed homeowner who needs to sell the property before the lender seizes it inforeclosure. ...
IRS Form 1099-MISC is used to report miscellaneous income not included on your 1099-NEC. If you received at least $600 in miscellaneous income, like prizes and awards, you should receive a 1099-MISC at the end of the year. Learn more about the 1099-MISC
“When credit scores drop, it is an indicator that a sizable number of consumers are having trouble with their finances,” one expert says. Dawn PapandreaApril 18, 2025 7 Steps to Paying Off Debt Freedom from debt may feel like a distant dream, but experts say with the right st...
Create an account Ask a question Our experts can answer your tough homework and study questions. Ask a question Search AnswersLearn more about this topic: Real Estate Agent & Agencies | Definition & Types from Chapter 14 / Lesson 6 59K ...
Paying off your mortgage means that you have 100% equity in your home and no longer have to make monthly loan payments to your lender. Once your loan is paid off, you’ll have to pay your home insurance premiums and property taxes out of pocket, instead of through an escrow account. ...