What is a lien?

A lien is a legal right that a creditor has to a piece of property belonging to a debtor. In Washington, a lien is essentially a form of security that gives the creditor a right to take possession of the debtor’s property if the debtor fails to pay a debt. In other words, it allows the creditor to seize the debtor’s property in order to make sure they are paid the money they are owed. There are a few different kinds of liens, but the most common type of lien is a mortgage lien. This is when a lender puts a lien on a property that you own as a guarantee that you will pay the loan back. The lender has the right to take ownership of the property if you fail to make payments. This can include your home, land, car, or other assets. Generally speaking, the creditor must file the lien with the appropriate government office, and then notify the debtor of the lien. If a lien is not properly filed, then the creditor does not have any legal right to take possession of the property. In Washington, a lien can stay in place for up to 15 years. Once it has expired, the creditor may no longer take possession of the property unless the debt is still outstanding.

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