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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.
How can you ensure a valid sale of a vehicle if you cannot pay off the existing lien?
A vehicle cannot be sold without a clear title. A clear title can only be obtained when all lien holders have been paid or have agreed to sign off on the lien.
How can you find the lien holder information if you lost your title?
Contact the DMV for a replacement title. When you do this, they should also be able to give you the name of all lien holders on the vehicle. This is the easiest way.
How do you get a clear boat title release?
To obtain a clear boat title release, first ensure that all liens or loans associated with the boat have been paid off. Contact the lender or lienholder to request a lien release document, which should be completed and signed by them. Once you have this document, you can submit it, along with the original title, to your local Department of Motor Vehicles (DMV) or relevant authority for processing. After verification, they will issue a new, clear title in your name.
What if the title says or How many signatures does it take to sell?
It takes the signature of all owners listed on the title and the lien holder.
What kind of lien can a home owners association file?
Of all the types of liens that can be filed on a real estate title, the association can file a 'specialty lien' specifically to collect unpaid assessments. With a lien against the title, you cannot sell or refinance the unit until the lien is paid and satisfied, and the lien satisfaction filed with the appropriate court clerk.
Can you put a lien on a car with no title in your possession?
repair shops do it all the time d
How do you remove a bank lien from a vehicle title that the bank has written off as a total loss but the bank will not give you a letter to obtain a clear title in Michigan?
"You will not get the lien taken off until you pay off the vehicle. The bank might have closed the account and have taken it as a loss but they never really lose it. One they will hold it until you make payment arrangements with them or two they will sell the lien to a debt collection agency then in which you will owe them the money. Either way you can't have something for nothing." This is not always true. You can file a quiet title to clear all lienholders from the title. If the bank doesn't show up to court, the lien is wiped and you can request a new title. As per "you can't have something for nothing." remark made previously. Neither can the bank, especially when they already cleared it as a tax write off, for a charge off.
How do you put a lien on property for an unpaid debt?
You file a "mechanic's lien" on the property at the courthouse where the property is located. Then, when the property is sold, and abstractor's office does a "search" of the property(looking for liens, etc) the unpaid debt will show and will at that time be addressed for payment prior to closing. All properties must be "free & clear" of all liens before transfer of title can happen. You file a "mechanic's lien" on the property at the courthouse where the property is located. Then, when the property is sold, and abstractor's office does a "search" of the property(looking for liens, etc) the unpaid debt will show and will at that time be addressed for payment prior to closing. All properties must be "free & clear" of all liens before transfer of title can happen.
How does a lienholder release interest on a car title?
Pay off the debt (including all accrued interest) associated with the lien, at which point the lien holder will send the release papers. If they don't send these papers, contact them. This applies to any lien: car, house, land, etc.
What affect will filing a lien against an HOA have on the neighborhood homeowners and their property?
Apparently the association owes a debt over which a lien has been filed. Effectively, the lien can cloud the title of all the units/ homes in the association. It is in the best interests of all the members and of the association's board to settle this matter quickly and file a release of the lien.
If you are the primary signer on the car's title and on the insurance who should the check be made out to if you total your car?
To ALL the names on the title AND the bank/finance company that holds a lien.
