Can i get a mortgage with a lien on my name? NOT a tax lien. I have payment arrangements and have been making monthly payments for five years now.

Asked by jennifer, Renton, WA Sun Feb 3, 2013

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George Raymondo’s answer
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Mon Feb 11, 2013
As Mr. Burke stated below liens can be work around but it is at the discretion of the Underwriter. It's been my experience that is only allowed on government insured loans. My UTR usually wants a minimum of 6 months payment history in order to show that this new payment won't cause a financial hardship. Another thing I have done in the past is to have my borrower request a partial release, then once the house is theirs, the lien can be re-filed. In any event, these solutions can be discussed and gone over when you select the Loan Officer you want to work with.

Best of Luck!
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Ardell Della…, Agent, Kirkland, WA
Mon Feb 4, 2013
The issue is not simply getting the mortgage. Usually a "name search" is done on the buyer, sometimes just before recording the Deed in your name on your new home purchase. The lien kicks in as an attachment to your new asset-property and that can kick everything out at the last minute.

If it is truly a lien on your will quickly become a lien on the property you buy. That could interfere with the final recordings of your new loan if the older lien has the right recordings in place for it to jump into first place putting your new loan into 2nd position.

The sale can fail very late in the day on this issue. So be sure to check with an Escrow and Title Company as well as the person who will be providing the mortgage on your purchase. It could cause your Lender's Title Insurance to fail.

I have not seen this on one of my transactions, but I have seen it happen on the transactions of other agents I know. It doesn't necessarily come up when your loan is being processed and you are not necessarily covered for this event as to your Earnest Money being returned in the event the sale fails on this issue. You could end up losing both the house and your Earnest Money.

Almost always the lien has to be paid in full for this reason unless it is converted to a "debt paid as agreed" vs a "lien".
1 vote
, ,
Mon Feb 4, 2013
As long as you can provide documentation of the payment plan and can qualify under all the other guidelines, we might have some options for you.

Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business for 25 years. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. I lend nationwide.

Bart Gabe

800 315 8803 - best email - bank email

NMLS# 20743 - my licensing information - link to look up my license number
0 votes
Maria Gilda…, Agent, Manchester, CT
Mon Feb 4, 2013
My understanding is that a lien is released when fully paid up.
0 votes
Dan Tabit, Agent, Issaquah, WA
Mon Feb 4, 2013
Do you mean a collection? It will really depend on your entire application and credit report. The only way to know for certain is to apply with a great lender and see what you find out. The cost, if any will be minimal and a good lender may discuss your situation with you in greater detail to understand your situation before even pulling your credit.
0 votes
Ray Akers, Agent, Seattle, WA
Sun Feb 3, 2013
You'll need to talk to a mortgage professional. I recommend making inquiries with the bank where you have an established relationship. You could also talk to a credit union. Don't give up if you are turned down. I once had a client that was declined by four banks. The fifth bank granted her a mortgage. If you need a lender referral, feel free to get in touch with me. Good luck!
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