Posted by GMann on January 04, 2003 at 18:15:34:
A lien means they can foreclose or reposses the property they have a lien on if the borrower is delinquent. They will in turn sell the real estate or personal property to recover some or all of the money owed.
liens? - Posted by pete
Posted by pete on January 03, 2003 at 14:16:42:
Can someone please clarify what exactly is a lien? Can it have more than one meaning?
What does this sentence mean:
“The PBGC (Pension Benefit Guaranty Corporation) can create liens on the employers property for collection of the contingent payments”
Any help would be great.
Pete
Re: liens? - Posted by rocky
Posted by rocky on January 04, 2003 at 21:05:30:
This sounds very scary if you are the “employer” that this sentence is referring to. If you aren’t, then I don’t see why this sentence should worry you.
Re: liens? - Posted by GMann
Posted by GMann on January 03, 2003 at 14:26:41:
It means what it says. They are saying they have a right to put a lien against real estate or personal property for the amount owed. The sentence provided is a little spooky because it doesn’t address if they can put a lien if the payments are in default or not. I wouldn’t want to tie up a property if they can put a lien on it if I am current on my payments.
Re: liens? - Posted by pete
Posted by pete on January 03, 2003 at 19:29:56:
So a lien means that they can take away the property right?