A consensual lien can be a purchase-money security interest lien—where the credit is given to the debtor for the purchase of a property and the property secures the debt—or a non-purchase-money security interest lien—where the debtor uses property they already own as collateral in order to obtain a new loan. In either case, the creditor typically does not take or hold possession of the property. However, it is possible for the creditor to do this. The homestead exemption is important and often used because it protects some or all of the value of a property from creditors other than lenders holding mortgages.

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