Quote:
Originally Posted by ROBINDESBOIS
I have two liens on my apartment?
My apartment is in foreclosure with my apartment?
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In the US, apartments are rented, usually with month-to-month payments (an upfront deposit, usually the same as one-month's rent, is often required). Most sign a contract that specifies how long we will make monthly payments. If we've been a good tenant for the duration of the contract, we are entitled to a refund (or partial refund, if our contract so states) of the deposit.
I've never heard of anyone buying an apartment.
Stepping it up a bit, buying a condominium is common if a person doesn't want to take on the additional responsibilities of home ownership.
In order to buy a condo, a unit in a complex, or a house, we often take out a mortgage (unless we can afford to buy the property outright).
Once we have a mortgage, there is a lien associated with it (a lien is a legal right or interest that the lender has in your property until the mortgage is paid off).
The lien gives the lender the right to foreclose your property if you fail to make the payments as stated in the closing (lending) documents.
When we take out a second mortgage on real estate (usually done only when emergency cash is needed), we would then have a second lien. Both mortgages must be paid off before those liens are lifted.