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The recorded lien represents the amount due at the time the lien was issued by the court. Court judgments carry interest for every day they go unpaid. In Massachusetts the rate is 12%. The interest can cause the amount due on the lien to grow, especially if years pass before the lien is paid. An attorney could review the amount the creditor is asking for to make certain they are not inflating the amount due. Or, you could check with the court that issued the lien.
The recorded lien represents the amount due at the time the lien was issued by the court. Court judgments carry interest for every day they go unpaid. In Massachusetts the rate is 12%. The interest can cause the amount due on the lien to grow, especially if years pass before the lien is paid. An attorney could review the amount the creditor is asking for to make certain they are not inflating the amount due. Or, you could check with the court that issued the lien.
The recorded lien represents the amount due at the time the lien was issued by the court. Court judgments carry interest for every day they go unpaid. In Massachusetts the rate is 12%. The interest can cause the amount due on the lien to grow, especially if years pass before the lien is paid. An attorney could review the amount the creditor is asking for to make certain they are not inflating the amount due. Or, you could check with the court that issued the lien.
The recorded lien represents the amount due at the time the lien was issued by the court. Court judgments carry interest for every day they go unpaid. In Massachusetts the rate is 12%. The interest can cause the amount due on the lien to grow, especially if years pass before the lien is paid. An attorney could review the amount the creditor is asking for to make certain they are not inflating the amount due. Or, you could check with the court that issued the lien.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThe recorded lien represents the amount due at the time the lien was issued by the court. Court judgments carry interest for every day they go unpaid. In Massachusetts the rate is 12%. The interest can cause the amount due on the lien to grow, especially if years pass before the lien is paid. An attorney could review the amount the creditor is asking for to make certain they are not inflating the amount due. Or, you could check with the court that issued the lien.
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Does auto insurance pay lien on totaled auto?
If an insured car is totalled the insurance company will issue a check made out to the lien holder and the owner jointly, both the lien holder and the owner have to endorse the check to cash it. If the value of the car is more than the lien, the lien gets paid off and the owner gets the remainder. If the value is less than the lien, and therefore, the insurer pays less than the outstanding balance on the loan, the lienholder will be entitled to it. Additionally, the owner will be liable for the balance owing after insurance proceeds are credited.
How does one sell his or her home on which the IRS has placed a lien?
To sell your home, you put a FOR SALE sign out front. If the value of the lien is less than what you will get out of the house, then when you sell the house and pay off the lien, you get the rest of the money. If the lien is for more than the house is worth and you are ready to move elsewhere, you hand the keys to the IRS and say. "Here, have fun. It is all yours." At that point you owe more on the house than the house is worth.
Will an impounded vehicle be turned to the lien holder?
Not unless the lien holder goes and retrieves it from impound themselves. The reimbursement of government fees (federal, state, or municipal) outweighs the priorities of the lienholder. When a vehicle goes into impound, the agency which impounded the vehicle puts their own lien on it, and that lien takes priority over the original lien. If the vehicle is not retrieved from impound, it will be auctioned off, and the lien holder basically gets shafted in the process. The person who took the lien out on the vehicle will owe the remaining balance still, and one of the money the agency auctioning the vehicle makes will go towards reducing the amount owed to the lien holder. To that end, you're better to let the lien holder repossess the vehicle and auction it, rather than have it impounded.
What do I do if my lien holder refuses to repossess my car?
Continue to call them and work out a settlement. Most likely they won't pick up the car if you are in a different state than the Lien holder. They don't want the car they want the money. It will cost them more to pick it up and resale it, than for them to just work out a new payment plan for the remaining balance.
How do you obtain a release for a Small Business Administration lien?
Releasing a lien on your home that secures an SBA loan is no different than releasing any other lien. You have two choices: pay the lender off in full or negotiate the release of the lien with the lien holder.
Can you put a lien on a car if there is no lienholder on the title?
If the car is put up as collateral for a loan, and that loan is not repaid according to the written agreement then a lien will be placed on the title. If you sell the vehicle the lien holder will be paid first before you are able to put any money into your pocket. Never use your car as collateral for any loans ... cars lose their values and soon enough the lien (loan) will be more than the car is worth. The lien still has to be paid off when it's sold, even if the lien amount exceeds the price the car is sold for.
Can car registration be put in different name than finance company?
Yes. The finance company is the lien holder, therefor they are the tilte holder. General you can put whoever you want on the registration.
Can a home be sold with a lien 3 times more than home is worth?
Yes, but the lienholder can only receive the actual amount of the sale.
Do you have to have full coverage on a sports bike if you get a bank loan or will liability due?
More than likely your lien holder will require you to carry collision and comprehensive coverage in addition to liability coverage, this is to protect them/their investment.
How do you find out who is the lien holder for your car if it has been charged off your credit?
The name of the lien holder for your car should be listed on the title. If the lien holder was not listed on the title, it would be quite easy to sell your car without paying off the lien. A charge off means the person holding the loan considers you to be a deadbeat. It is put on your account when you are more than six months behind on your payments. The charge off does not mean you do not need to pay off the loan. It means you have ruined your credit. If it happened because the lien holder changed addresses without informing you and you tried to make your payments, then you need to get caught up and have him pull that bad report. He made the mistake and he can correct it or you will take it to court. If you did not pay up, take your medicine and start getting caught up to get your credit back.
Can you charge interest on a mechanics lien?
Depends upon the wording of the law in your particular state but usually, no. The seized property itself is the collateral for the amount owed - and in most cases is (or should be) worth more than the amount of "mechanics" lien.
Can a single lien holder take their full judgment award if it is less than the judgment amount and there are other lien holders?
Yes. It is not split proratably or such.The amount goes to the lienholder in first position...generally the one who has the first recorded lien, to the amount of his lien, (entirely if it is less than the lien) and is distributed step by step down the lien holders by position until used up. Lower lienholders may get nothing while senior ones get paid in entirely.
