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A cross collateral lien is a loan where one piece of collateral secures more than one loan. An example would be a car that is paid off being collateral on 2 separate personal, cash loans.
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Is the Cross Collateral Agreement considered a lien on real property in addition to the original mortgage lien and must be released or satisfied upon payment of one of the mortgage loans?
Researching how cross collateral agreements affect our lien we have an asset to or for the investor we are servicing.
Can you sell your car if it is being used in a cross collateral loan?
No, it has a lien on it. You cannot sell it without permission from the lender.
Is it fraud if you sell something that is collateral?
Collateral meaning there is a lien or chattel against the object, then the answer is yes IF YOU DONT INFORM THE BUYER, and get approval from the lien-holder.
Can a lien holder turn the lien over anyone els?
Yes they can ... it is selling collateral for capitol
Can a loan company put a lien on your car if its not paid off?
If the vehicle was put as collateral for the loan, there already is a lien on it.
Can citifinancial place a lien on your home for non payment of a personal loan when they have a your vehicle as collateral?
Yes, if you default on a personal loan with a vehicle as collateral, Citifinancial may place a lien on your home to secure the debt. This would allow them to pursue a foreclosure on your property if the debt remains unpaid. It's important to consult with a legal professional to fully understand your rights and options in this situation.
Does using your home for collateral put a lien on your home?
Yes. The lien created by using your home as security for a loan is called a mortgage.
Your vehicle has a lien can you borrow money?
A small loan company may use your title as collateral for the loan but the loan is relatively small. A bigger institution would not accept your vehicle as collateral because of the lien to another agency.
What is a non-consensual lien?
If you take out a loan from the bank and put your car up as collateral, this is a consensual lien. If you owe taxes and the IRS put a lien on your property or bank account, this is a non-consensual lien.
What does a lien on your car title mean?
you owe somebody money and your car was used as collateral
What is a non-consensual?
If you take out a loan from the bank and put your car up as collateral, this is a consensual lien. If you owe taxes and the IRS put a lien on your property or bank account, this is a non-consensual lien.
Can a bank holding an auto loan place a lien on your house in Illinois?
If ya used it as collateral.
