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Lien |
Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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Lien
Lien. A lien exists when you owe money to a lender on a particular vehicle or other asset, such as real estate, that has been used as collateral on a loan. An asset on which there's a lien can't be sold until the lienholder has been repaid. When you own an asset on which there's a lien, you risk having it repossessed if you default and don't make the required payments in full and on time. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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An $8,240,000 first lien mortgage for the purchase of two office buildings in Cleveland, Oh. In the first half of the year, S & P reported, the first lien represented 67 percent of the transaction, and the second lien 28 percent. Knowledge of lien status is basic to credit underwriting because loans secured by first liens have a lower incidence of default than loans secured by junior liens or unsecured loans; consequently, loans secured by a first lien are generally offered at the lowest rates of interest. |
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