Escrow & Title
In Hawaii, which of the following is a voluntary lien?
AA. Property tax lien
BB. Mechanic's lien
CC. Mortgage lien created by the borrower✓ Correct
DD. Judgment lien from a court decision
Explanation
A mortgage lien is voluntary because the property owner voluntarily pledges the property as collateral. Tax liens, mechanic's liens, and judgment liens are all involuntary.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
State-Specific Concepts
Mechanic's Lien
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