M., please do not think that the bank is crazy. Why did you pay payments to THAT bank on a loan that that car is collateral for? That's called a perfected lein. That is how you will owe the BALANCE DUE plus repo fees,plus attorney fees, plus auction fees, ect. Sooo, take the car on down to the bank, get this mess over with. You are adding money you owe by playing around with the title deal. You didnt invent this game and your not the first to play. The odds are much worse than a casino that you might win. Good Luck
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
Who ever is holding the title as collateral for a loan. The bank or finance company typically.
The bank should be listed as a lienholder on the title. If you sold it, the bank would have to be paid the amount you owe them from the proceeds. Otherwise, you could be inviting possible criminal and civil charges for selling an item that technically wasn't fully yours, not to mention, whoever you sell the car to may not be able to even get a title due to the existing lien.
No. You don't get the title to your car until any loans against it are paid in full. <><><> In several states, you will get a title document- but it will show the loan company or bank as a lienholder. That title cannot be transferred to someone else until the lien is satisfied (loan paid off)
It will depend on the lienholder. Most Credit Unions have a Cross Collateralization clause in their in-house contracts. This means that the vehicle you purchase will also be used as collateral for any and all other loans you may have with them now or in the future. SIMPLE INTEREST CONTRACTS FROM DEALERS DO NOT HAVE THIS CLAUSE. Make sure to read your contract carefully if you are getting a bank draft directly from a bank or credit union. If the lienholder does not pick up the car and there is still money owed, they can hold the title indefinetely or until a settlement is made.
Regions Bank P.O.BOX 1984 Birmingham, AL 35201
Bank of the WestPO Box 5167San Ramon, CA 94583
Yes. Go to a bank where you already do business and ask for a loan using your boat as collateral. If you have the boat title in your possession, the bank will need or require the title be kept by them until the note is paid in full.
If the mortgagor owned the property when they granted a mortgage to the bank then the bank has an interest even if the mortgagor conveyed their interest by a quitclaim deed. In that case the grantee would take title subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property.
Call the bank and ask them if you can cash a check made out to lienholder. They will tell you if they will cash it or not, or under what conditions they will cash it. You may need to present them with documentation.
For Boat Loan: BANK OF AMERICA N.A. PO Box 2759 Jacksonville, FL 32203
Check on a mechanics lien , I think you can claim title or make bank pay bill to take possession .
A lienholder is a person or bank or institution that gives someone a loan, so the answer is yes. A private person, friend, boss, parent, or anyone else can be recorded as the lienholder on a vehicle.
No. If the other parcel of land was not included in the mortgage then the bank had no right to possession of that parcel. The title would still be in your name.
no,you should have title.
The liens are usually in place when the bank or loan company takes possession of the property. The company/bank can pay off all liens and clear the title for resale or it can be put to auction with leins in place. Monies from sale are first used to clear title before new owner can take legal possession. Regulations can be different depending on type of property and state.
If a bank is on the brink of taking possession of a company, chances are the company is in financial trouble. When the bank does take possession it usually means that the company has gone into foreclosure. They will then sell the property and the company owners will need to settle their financial issues.
Contact the bank. You can't sell it without the title.
A clear title is a title that has no financial obligation against it; therefore a title held by the bank is not a cleared title.
Yes. the title to car car remains with the bank or finance company. Legally they can take possession for lack of payment at any time regardless of your wishes.
A person cannot add a name to a title if the bank is the lien holder unless the bank agrees to the title name addition. A person could approach the bank and ask them to add the name to the title.
A duplicate title can be issued if there was previously a bank that owned the vehicle, this can include a lease or a loan. Once the amount is paid in full, a duplicate title will be issued to person who signed the contract, with the exception of the lien holder listed.
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.
Generally, when real property is "abandoned" there are other entities that can acquire title legally. If there is a mortgage in default, the bank can foreclose and take possession of the property. If there is no mortgage and the owner has abandoned the property the town can take possession of the property for non-payment of property taxes. Title to real estate must be transferred legally. If you are thinking of acquiring property by adverse possession, in Mississippi, the duration of such possession is ten (10) years. Mississippi Code Â§15-1-7, 13.