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What else can I help you with?
Can the only lien holder turn the lien over to a debt collector?
Yes. As the "owner" of the debt, they can sell, or assign, the debt to anyone they please.
Does a lien on your house force selling your home?
No. Every mortgage is secured by a lien. The lien only ensures that the lien holder is reimbursed upon sale of the property. There can actually be several lien holders on a single property, and each will be paid in turn.
How can you lien holder reposses car if car was impounded due to buyer lost drivers license?
As the lien holder of the vehicle, they are contacted by the proper authorities that their asset (the said vehicle) is at an impound lot accuring fees. Because the lien holder is in essence the true owner of the vehicle until the loan is paid off & the lien is released, they have the right to reposses the vehicle from the impound. This is in the best interest of the lien holder because if fees add up, it may not be worth picking up in the end. What many debtors do not realize is that if they do not redeem the vehicle from the lien holder once it is picked up from impound, the vehicle is sold at auction to the higgest bidder & that is in turn applied towards the debtors deficiency balance.
When a person dies in the state of Georgia and they owe money on a car what happens next?
The executor of the estate informs the lien holder. The vehicle is then either paid off by the estate, or the vehicle is sold. In some cases, they executor may turn the vehicle over to the bank or loan holder.
What does it mean if the lien holders name is still on your vehicle title?
It means the lien holder has not released the lien because it hasn't been paid. You need to do some research. It must have been on the title that was signed over to you at the time of the sale. That is the time to check into clearing the lien.If a lien is listed on the title of a motor vehicle the buyer should not turn over the proceeds to the seller. The lienholder should be contacted for a payoff amount and the paid if necessary. Arrangements should be made at that time to have the lien released.
If a vehicle has a lien can it be registered by owner?
Yes, you can register a car with a lien on it. Once you turn in that title from the seller with the lien on it when you are registering that lien will be recorded over to the title issued in your name. The lien has nothing to do with registering a vehicle. It has everything to do with selling a vehicle.
How does a homeowners association file a lien in Massachusetts?
Liens are very specific in terms of their types and methods of filing. Associations are best advised to turn over any proposed lien action to association counsel to file. An improper lien, improperly filed can give the subject valid grounds upon which to oppose the lien.
What do you do to get your money back when a collection agency put a lien on your bank account?
It is assumed the creditor won a lawsuit against you and the court issued a judgment lien. You should have had notice of the hearing and received a letter of judgment against you from the court. You must pay off the lien in exchange for a release of the lien. You may also go to court to challenge the validity of the lien, the lien amount or raise any other matter that might affect the legality of the lien. When a collection agency first puts a lien on a bank account. The bank usually may not give those funds to the collection agency immediately. Notice of the lien is given to the debtor, who then has a short time period to apply to the court to object to the turn over of the bank account to the agency. If an objection is made, the bank will not give over the money until the court rules on the objections and issues an order directing the bank to pay all, some or none of the bank funds to the agency. If no action is taken by the debtor within that time period, the bank may turn the money over to the agency without a court order. See related link.
How long is a bank lien valid?
A bank lien is usually for a short period of time, but that is only because it instructs the bank to turn the money over to the lienholder within a certain short period of time, usually 30 days. This gives the owner time to go to court to try to get the lien removed. At the end of this short period of time or if the court disagrees with the owner's reason for not turning it over, the bank will send the money to the lienholder.
What happens to a person's house after a lien is filled?
It is legally possible in most situations for a lien holder to request the forced sale of a home or property. This rarely happens, generally the lien will remain against the home until the homeowner wants to refinance, sell, transfer or initiate any action concerning the property. Before any transactions can take place all liens must be paid or satisfactoriyl settled. Liens against real property accrue interest making it possible for a small debt to rapidly turn into a large one.
Do you owe Ford Credit If you voluntarily turn the truck in and Ford Credit sells vehicle at auction?
Each state is different, however, in most states the amount that the vehicle (collateral) is sold for is deducted from what you owe. You will still owe the remaining balance. If the collateral is sold for more than you owe, plus repossession/reconditioning expenses, the lien holder (bank) is in turn required to rebate you the difference.
Can a collection agency put a lien on your car or home when you returned the rental property over 3 years ago?
A collection agency doesn't have the power to do anything other that aggravate you. They can with the agreement of the original creditor turn your account over to a collection attorney. The answer to your question is NO! For the amount in question it would be a small claims court judgment (if they got one). I assume there was an outstanding balance on the rental They might be able to get a wage or bank account garnishment. But that too is questionable. If anyone from a collection agency has told you they can place a lien against your property. They are in violation of the FDCL and could be fined or sued for their actions.
