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This sounds like some sort of mumbo-jumbo "cargo cult" legal move. Why would you put a lien on something you own outright in the first place, and exactly how could you possibly justify it?
I Am, as they say, Not A Lawyer, but I would think that if you actually did do this in an attempt to somehow shelter yourself from losing the item in question, your creditors' lawyers would be wetting themselves in anticipation of getting you in court, because it seems like pretty much prima facieevidence you intended to commit fraud, or at the very least were acting in bad faith.
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∙ 9y ago
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Do you have to pay back a second mortgage after it has been reposesed?
The second is just a lien. It will have to be satisfied at the time of sale to clear title & should be when it is.
How do you get a clear title when loan is paid off?
Usually, when you make your last payment, the financing company will send you a document indicating the loan is paid in full and that the lien on the title may be discharged. You take your title documents to the motor vehicle office along with the discharge papers to prove that the ownership papers may now be issued without the notification that there is a lien on the car. The motor vehicle office issues a "clean" certificate of title. You now have clear title.
If you live in California and the lender sent you your title by mistake do you still have to pay for the car or can you sell it and treat the loan as unsecured?
The borrower would have a copy of the title but on the title itself the lien holder (lender) would be noted. That would mean that the title is not clear and the vehicle cannot be sold, traded or transferred in any manner.
Whom do you speak to when paying off your mortgage?
Your lender should have a "Payoff" or "Reconveyance" department that can process your pay off and the removal of the lien from title.
Does a lien create a cloud on title after foreclosure?
A cloud on titlle is any claim to the title on a property that puts another claim into question. That is, one may own a property that another person claims with some (though by no means clear) legal justification. Example would include an easement that hasn't been recorded. Another example is if the originating bank puts a Lien against the property, but then sells the loan and the new bank, instead of buying the NOTE and putting a Lien on the property, instead is merely a Servicer,not a Lender, and records the Lien in MERS, an electronic registration system for ability to trade Mortgage Backed Securities, but not in the County Tax Records. In order to be a trustee and a beneficiary party in interest, the party must have put money up to the game in order to have legal standing. MERS is merely a recordation system and is not an assignee as no Deed of Trust has ever been assigned to it, nor has it ever put any cent in any real estate transaction. It gets very complicated as a result of Pooling and Servicing Agreements, that hold a collection of NOTES together, for the purpose of selling on the secondary market as Mortgage Backed Securities. Once a NOTE changes form from a NOTE to a STOCK, it changes form irrevocably. Therefore, the chain of title is broken and a broken chain of title can not be fixed. Once it is broken, it is broken. To answer your question,no a LIEN is not a cloud on the TITLE in any way. Clear and marketable title is not necessarily a title free of LIENS. A title can indeed have a lien against it. That by itself is not a cloud on title. Instead, if there is a broken chain of assignment of the NOTE and the LIEN, than that is instead a cloud on title. A cloud on title makes a property very un-marketable, as the property can not be conveyed with clear and marketable title, to a new buyer and therefore, any previous claims against the title have to be paid by the new owner, whether or not they were part of the situation that caused it. In other words, once a property becomes bank owned, a foreclosure, the foreclosing bank pays off all Junior Lien holders, such as a Home Equity Loan or a Mechanics Lien, so that all legal issues of the previous home owner don't fall upon the new home owner.
What is the limitation on a car with a lien on it before you can get the title?
If the car has a lien, you usually have to pay off the lien before you can get a clear title. Otherwise, in this state you have the name of the lien holder on the title.
What does have a solid title on a vehicle mean?
A clear title without a lien or if it has had a lien on it, either a release on the title if there is a place for it or a lien release from the bank or person named in the lien. It should be in your name, meaning you are the person on the front of the title and the back should be clear until you transfer it to the person you are selling it to or whatever the business is you are doing with it.
What happens when a lien is placed on a condo?
A lien on the deed -- unit's title -- clouds it, meaning that monies to satisfy the lien must be paid before clear title can be transferred.
What to do when you sell a car with the title being in pawn?
If you sell a car with a lien on it, which is a title pawn. You must pay the lien off before the car is clear and you can get the title back.
How do you get title transferred in your name if there is a lien on the property?
The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.
What happens to the lien when you buy a house with a lien on it?
What do you mean? Did you purchase a home that has a lien on it? If so, you do not have a clear title to your home and the lien holder can take posession of your property. A lien should be paid off prior to completing a sale of a property. Good Luck
What happens if i buy a car with a lien title from the owner?
A lien title means that the car has a loan against it. If you do not have a "clear" or non lien title, the lender who hold the clear title can and does have the right to get the balance of the loan from you. The purpose of the lien title is to enable the car buyer to get the legal requirement for driving the car from the state. It's like renting the car in essence; the lien title is almost like the lease agreement for an apartment.So if a lien title is all there is...don't buy the car. It's not his to sell.Somebody has to settle the lien before you can legally own or register the vehicle.
Assessment is disputed on fully paid condo mortgage - what would a lien do?
The effect of a lien is to cloud title based on monies owed. The title cannot change hands without the removal of the lien, meaning the lien amount is paid before title is clear.
Can a lien holder hold title when car is in Chapter 13 and you are trying to transfer tags from KY to TN. Our lien holder refuses to give me the title. I applied for a duplicate title.?
Your lien holder wants to be paid before releasing the car. You should consult with the attorney who is representing you in your bankruptcy. You cannot transfer title because you don't have clear title to transfer.
How to get rid of a car when lien holder died?
You need to obtain a release from the estate of the lien holder. Which means you have to satisfy the lien. That should allow you to obtain clear title.
Is it possible to have a lien on your vehicle even if you already have the title?
Yes. The title you received when you purchased the vehicle should show the lien holder. Even when you buy a vehicle on credit, you will receive a title. It is a lien title. You will not receive the full or clear title until the vehicle loan is paid off.
Can a car have a clear title with a lien on it as well.?
No! "clear" means clear! No liens!
