Lien on Home
November 13th, 2008 by Questions
Can you explain the repercussions of a lien being placed on ones home — the purpose of which is to collect on an unpaid credit card (Bank of Montreal/Mastercard)?
For example, does this mean that the owner is forced to leave and that the house is sold by a third party OR does a lien against the property entitle an unpaid lender to seize any available equity should the owner decide to sell?
Also, if an owner can indeed be forced from their home, are they entitled to any notice and once a lien has been placed on the home, is it too late to file for bankruptcy or attempt some sort of settlement with the bank?
Posted from: Ontario
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)