▲ 136 ▼ In the USA, can you lose your home even after it is 100% paid off? (lemmy.ml) submitted 2 years ago by Confidant6198@lemmy.ml to c/asklemmy@lemmy.ml 110 comments fedilink hide all child comments Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?
[+] CubbyTustard@reddthat.com 36 points 2 years ago (2 children) [deleted] permalink fedilink source parent hideshow 4 child comments replies: [–] Pronell@lemmy.world 14 points 2 years ago (1 child) In my understanding a lein doesn't usually lead to disclosure, they just make sure they get paid when it's sold. permalink fedilink source parent hideshow 2 child comments replies: [–] dream_weasel@sh.itjust.works 3 points 2 years ago (2 children) Lien** and for the person you replied to permalink fedilink source parent hideshow 4 child comments replies: [–] grue@lemmy.world 6 points 2 years ago (1 child) Also "foreclosure," not "disclosure." permalink fedilink source parent hideshow 2 child comments replies: [–] Fuckfuckmyfuckingass@lemmy.world 1 point 2 years ago (2 children) Can you be foreclosed on when you own out right? Seems like mortgage terminology. permalink fedilink source parent hideshow 4 child comments replies: [–] brianorca@lemmy.world 2 points 2 years ago The mortgage is a type of lien. But there are other kinds of liens, such as when a contractor works on your house, and you didn't pay them, they can place a lien on the property until you pay. In the worst case, a contractor could forclose and force the sale to cover the debt. permalink fedilink source parent [–] grue@lemmy.world 1 point 2 years ago* The sentence in question was: a lein doesn’t usually lead to disclosure I don't know if "foreclosure" is the right word to describe a forced sale due to a lien, but I do know the person didn't mean to write "disclosure" instead. permalink fedilink source parent [+] CubbyTustard@reddthat.com 1 point 2 years ago [deleted] permalink fedilink source parent [–] tsonfeir@lemm.ee 6 points 2 years ago (1 child) In some states if you hire a contractor to do work, and they hire some guys and doesn’t pay them, those guys can put a lien on your house even if you payed the contractor. 😳 permalink fedilink source parent hideshow 2 child comments replies: [–] I_am_10_squirrels@beehaw.org 6 points 2 years ago (1 child) That's why large projects require a performance bond and a payment bond. The performance bond covers the project, the payment bond covers subcontractors. Not sure what the feasibility is for a household project, but it's always good to look for a contractor who is licensed, bonded, and insured and ask for those documents before signing. permalink fedilink source parent hideshow 2 child comments replies: [–] tsonfeir@lemm.ee 2 points 2 years ago Absolutely. I work in the building material supply industry, and everyone in the office hates having to do a lien on a homeowner. It’s rare because we have pretty strict requirements on whom we give credit accounts. permalink fedilink source parent
[–] Pronell@lemmy.world 14 points 2 years ago (1 child) In my understanding a lein doesn't usually lead to disclosure, they just make sure they get paid when it's sold. permalink fedilink source parent hideshow 2 child comments replies: [–] dream_weasel@sh.itjust.works 3 points 2 years ago (2 children) Lien** and for the person you replied to permalink fedilink source parent hideshow 4 child comments replies: [–] grue@lemmy.world 6 points 2 years ago (1 child) Also "foreclosure," not "disclosure." permalink fedilink source parent hideshow 2 child comments replies: [–] Fuckfuckmyfuckingass@lemmy.world 1 point 2 years ago (2 children) Can you be foreclosed on when you own out right? Seems like mortgage terminology. permalink fedilink source parent hideshow 4 child comments replies: [–] brianorca@lemmy.world 2 points 2 years ago The mortgage is a type of lien. But there are other kinds of liens, such as when a contractor works on your house, and you didn't pay them, they can place a lien on the property until you pay. In the worst case, a contractor could forclose and force the sale to cover the debt. permalink fedilink source parent [–] grue@lemmy.world 1 point 2 years ago* The sentence in question was: a lein doesn’t usually lead to disclosure I don't know if "foreclosure" is the right word to describe a forced sale due to a lien, but I do know the person didn't mean to write "disclosure" instead. permalink fedilink source parent [+] CubbyTustard@reddthat.com 1 point 2 years ago [deleted] permalink fedilink source parent
[–] dream_weasel@sh.itjust.works 3 points 2 years ago (2 children) Lien** and for the person you replied to permalink fedilink source parent hideshow 4 child comments replies: [–] grue@lemmy.world 6 points 2 years ago (1 child) Also "foreclosure," not "disclosure." permalink fedilink source parent hideshow 2 child comments replies: [–] Fuckfuckmyfuckingass@lemmy.world 1 point 2 years ago (2 children) Can you be foreclosed on when you own out right? Seems like mortgage terminology. permalink fedilink source parent hideshow 4 child comments replies: [–] brianorca@lemmy.world 2 points 2 years ago The mortgage is a type of lien. But there are other kinds of liens, such as when a contractor works on your house, and you didn't pay them, they can place a lien on the property until you pay. In the worst case, a contractor could forclose and force the sale to cover the debt. permalink fedilink source parent [–] grue@lemmy.world 1 point 2 years ago* The sentence in question was: a lein doesn’t usually lead to disclosure I don't know if "foreclosure" is the right word to describe a forced sale due to a lien, but I do know the person didn't mean to write "disclosure" instead. permalink fedilink source parent [+] CubbyTustard@reddthat.com 1 point 2 years ago [deleted] permalink fedilink source parent
[–] grue@lemmy.world 6 points 2 years ago (1 child) Also "foreclosure," not "disclosure." permalink fedilink source parent hideshow 2 child comments replies: [–] Fuckfuckmyfuckingass@lemmy.world 1 point 2 years ago (2 children) Can you be foreclosed on when you own out right? Seems like mortgage terminology. permalink fedilink source parent hideshow 4 child comments replies: [–] brianorca@lemmy.world 2 points 2 years ago The mortgage is a type of lien. But there are other kinds of liens, such as when a contractor works on your house, and you didn't pay them, they can place a lien on the property until you pay. In the worst case, a contractor could forclose and force the sale to cover the debt. permalink fedilink source parent [–] grue@lemmy.world 1 point 2 years ago* The sentence in question was: a lein doesn’t usually lead to disclosure I don't know if "foreclosure" is the right word to describe a forced sale due to a lien, but I do know the person didn't mean to write "disclosure" instead. permalink fedilink source parent
[–] Fuckfuckmyfuckingass@lemmy.world 1 point 2 years ago (2 children) Can you be foreclosed on when you own out right? Seems like mortgage terminology. permalink fedilink source parent hideshow 4 child comments replies: [–] brianorca@lemmy.world 2 points 2 years ago The mortgage is a type of lien. But there are other kinds of liens, such as when a contractor works on your house, and you didn't pay them, they can place a lien on the property until you pay. In the worst case, a contractor could forclose and force the sale to cover the debt. permalink fedilink source parent [–] grue@lemmy.world 1 point 2 years ago* The sentence in question was: a lein doesn’t usually lead to disclosure I don't know if "foreclosure" is the right word to describe a forced sale due to a lien, but I do know the person didn't mean to write "disclosure" instead. permalink fedilink source parent
[–] brianorca@lemmy.world 2 points 2 years ago The mortgage is a type of lien. But there are other kinds of liens, such as when a contractor works on your house, and you didn't pay them, they can place a lien on the property until you pay. In the worst case, a contractor could forclose and force the sale to cover the debt. permalink fedilink source parent
[–] grue@lemmy.world 1 point 2 years ago* The sentence in question was: a lein doesn’t usually lead to disclosure I don't know if "foreclosure" is the right word to describe a forced sale due to a lien, but I do know the person didn't mean to write "disclosure" instead. permalink fedilink source parent
[–] tsonfeir@lemm.ee 6 points 2 years ago (1 child) In some states if you hire a contractor to do work, and they hire some guys and doesn’t pay them, those guys can put a lien on your house even if you payed the contractor. 😳 permalink fedilink source parent hideshow 2 child comments replies: [–] I_am_10_squirrels@beehaw.org 6 points 2 years ago (1 child) That's why large projects require a performance bond and a payment bond. The performance bond covers the project, the payment bond covers subcontractors. Not sure what the feasibility is for a household project, but it's always good to look for a contractor who is licensed, bonded, and insured and ask for those documents before signing. permalink fedilink source parent hideshow 2 child comments replies: [–] tsonfeir@lemm.ee 2 points 2 years ago Absolutely. I work in the building material supply industry, and everyone in the office hates having to do a lien on a homeowner. It’s rare because we have pretty strict requirements on whom we give credit accounts. permalink fedilink source parent
[–] I_am_10_squirrels@beehaw.org 6 points 2 years ago (1 child) That's why large projects require a performance bond and a payment bond. The performance bond covers the project, the payment bond covers subcontractors. Not sure what the feasibility is for a household project, but it's always good to look for a contractor who is licensed, bonded, and insured and ask for those documents before signing. permalink fedilink source parent hideshow 2 child comments replies: [–] tsonfeir@lemm.ee 2 points 2 years ago Absolutely. I work in the building material supply industry, and everyone in the office hates having to do a lien on a homeowner. It’s rare because we have pretty strict requirements on whom we give credit accounts. permalink fedilink source parent
[–] tsonfeir@lemm.ee 2 points 2 years ago Absolutely. I work in the building material supply industry, and everyone in the office hates having to do a lien on a homeowner. It’s rare because we have pretty strict requirements on whom we give credit accounts. permalink fedilink source parent