0
Not sure what is being asked. Unless you have a "signature" loan, you probably have some kind of security or collateral at risk. Whether it takes the form of a lien or not, depends on whether you pay off the loan, or the lender has to go to court to legally attach your property (a lien).
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can a car borrower add his sister to the vehicle registration if she is not on the loan?
NO Because there is a lien on it.
Can a lender repo a car if the borrower dies?
Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
Who are you if you file for ucc?
what does a person become ( he/she ) after filing for a ucc and what will he/she be recognized as ? ( Borrower/ Lendor )?
Do I need homeowners Insurance after I pay off my mortgage?
Only a lien holder can require a borrower to carry insurance.
Term describes the right of a lender to sell collateral to get back the principal if the borrower cannot repay the loan?
Lien is the term
What is lien and hypothecation?
Hypothecation is the practice of a borrower pledging an asset as collateral for a loan while retaining ownership of the assets and enjoying the benefits therefrom. The lender has the right to take possession of the asset if the borrower defaults. An example would be a mortgage. The transaction is memorialized in a note and mortgage document evidence of which is recorded in the land records. That recorded evidence constitutes a lien on the property. The lien is released when the debt is paid.
Can you have a jr lien at the same financial institution?
Yes. Banks often grant 1st and 2nd liens to the same borrower, sometimes at the same time. Under certain circumstances a bank or lender may also allow a 3rd position lien, so the borrower would have 1 senior and two junior liens.
Does a junior lien holder have the right to payoff the senior lienholder where junior lien holder foreclosed and has fee simple title?
This depends on the Loan Note or Deed of Trust, but if a borrower fails to pay the first mortgage, generally the second mortgagee can reinstate or payoff the first lien and foreclose. Most mortgage documents contain covenants where the borrower swears to take good care of the property and pay all liens, and where failure to do so constitutes a default of the junior lien holder's note.
Can your car be repossessed if you have the title in your possession and the bank is not the lien holder?
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.
What happens to to second lien if borrower defaults on first lien?
It may be accelerated and payable from the excess proceeds of the auction held by the first lienor in foreclosure, if there is any excess. --- improve the answer: If seond lien is not a superior lien (e.g. Tax lien is superior than MGT lien), when the first lien is foreclosured the second lien will be washed out --- Not exists any more. However, a superior lien, even a second lien, will still survive the foreclosure process which means the property owner (who has bought the property during foreclosure) still needs to pay.
What does forced place liability insurance cover?
It covers the lien holder interest only in the described property. There is no coverage at all for the borrower / debtor.
If payments have been made to the second mortgage but not to the first Mortgage can the first mortgage holder reclaim any of those payments from the second mortgage holder?
No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.
