Check Your Understanding Answers
- What are four legal features of a lien?
- A lien does not convey ownership, with the exception of mortgage liens or deeds of trust.
- A lien attaches to the property.
- A property may be subject to multiple liens.
- A lien terminates on payment of the debt and recording of documents.
- List the two main differences between a deed of trust and mortgage.
- Mortgages have two parties and deeds of trust have three parties.
- Foreclosures with a mortgage are a judicial process and with a deed of trust they are non-judicial.
- What is an involuntary lien?
An involuntary lien is one that a legal process places against a property which the property owner did not agree or consent to.
- Compare general and specific liens.
A general lien is placed against any and all real and personal property owned by a particular debtor.
A specific lien attaches to a single item of real or personal property and it does not affect other property owned by the debtor.
