A mortgage is a legal agreement that creates a lien on property to secure a loan. The borrower agrees to repay the loan, typically with interest, over a specified period of time. If the borrower fails to make the required payments, the lender may foreclose on the property and sell it to satisfy the debt.

A mortgage is a specific type of lien that is used to secure a loan. A lien is a general term for a legal claim against property that gives the creditor the right to sell the property to satisfy the debt.

Fixed-rate mortgages have an interest rate that remains the same for the life of the loan. Adjustable-rate mortgages have an interest rate that can change over time, typically based on a market index.

The lender is the party that provides the loan to the borrower. The lender typically holds the title to the property until the loan is repaid, and collects the monthly mortgage payments. If the borrower defaults on the loan, the lender may sell the property to satisfy the debt.

The borrower is responsible for repaying the loan with interest, maintaining the property in good condition, and paying the property taxes and insurance.

The process of foreclosing on a property typically involves the lender filing a lawsuit against the borrower, obtaining a judgment against the borrower, selling the property at a public auction, and taking possession of the property if the sale does not generate enough money to satisfy the debt.

Foreclosure can have serious consequences for the borrower, including loss of the property, damage to credit score, and difficulty obtaining future loans.

Foreclosure can also have negative consequences for the lender, including loss of the loan amount, damage to reputation, and difficulty selling the property.

There are several ways to avoid foreclosure, including making regular mortgage payments, communicating with the lender if you are having difficulty making payments, and considering a loan modification or forbearance.

A lien waiver is a document that releases a lien on property. It is typically signed by the lienholder and recorded in the public records.

A mechanic's lien is a lien that secures payment for labor and materials used to improve property. It is typically filed by contractors, subcontractors, and suppliers who have not been paid for their work or materials.

A judgment lien is a lien that arises from a court judgment. It allows the judgment creditor to collect the amount of the judgment from the judgment debtor's property.

A tax lien is a lien that secures payment for property taxes. It is typically filed by the government agency responsible for collecting property taxes.

An insurance lien is a lien that secures payment for insurance premiums. It is typically filed by the insurance company that issued the policy.

A priority lien is a lien that has priority over other liens. This means that the holder of a priority lien will be paid before the holders of other liens in the event of a foreclosure.