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If a vehicle was surrendered in bankruptcy but the lender will not pick it up can the lender be removed from the title?
The lender is not required to take possession of the vehicle and can let the lien stand until the debt is paid. In addition, the lender can sue the borrower/debtor for the entire balance of the loan plus applicable legal fees, etc. rather than go through the reposssession and selling of the vehicle. As long as the lender is a lien holder the vehicle cannot be traded, sold nor transferred to another party.
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 a lien be placed on a home if you have a FHA loan in Michigan If so could the lien be more than the amount due?
Yes
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.
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 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.
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.
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.
What has the author Van Than written?
Van Than has written: 'Hoa thieu hong lien tu'
How do we get the title to our motorcycle if we settled for less than what we owed?
They should release the lien, get on them.
If you have medical bills that are more than you can pay can they put lien on your house?
yes
What is the noun form of the french verb relier- is it le lien?
Rather la reliure ou le reliage than le lien which would correspond to lier
