For one reason or another, you have a lien on your property. While a seemingly small issue at first, liens can actually be quite the headache to deal with and can prevent you from being able to sell your property in Illinois until it is corrected. If not addressed in a timely manner, a lien can begin to affect your credit score and ultimately impact your ability to get awarded credit if you need it in the future. Fortunately, if you do have a lien on your property, there are things that you can do to correct the situation before it negatively affects your future.
As soon as you are notified of a lien on your home, one of the first things you should do is to find out why it was placed. Having a reason can help you come up with a plan to correct the situation. According to SFGATE, liens are generally court ordered and will not be removed until the full amount is paid in accordance with the requirements outlined by the lienholder. In some cases, you may have the option of requesting a payment plan that will allow you to pay off your debt in a manner that is reasonable for your personal situation.
When you contact your lienholder, you can negotiate the terms and conditions to a point, but are generally required to abide by whatever it is they are requesting. Be sure you understand your obligations so you can address them accordingly. Once you have paid the lien, be sure that you get a satisfaction notice that clarifies that you have paid your portion and are released from any further obligation.
The information in this article is intended for educational purposes only and should not be taken as legal advice.
