A lien holder is the finance company, bank, or individual with whom you signed an agreement to borrow money using a particular asset, such as a car or real property, as collateral. You cannot sell that asset until the loan is paid. If you don't pay the loan, the lien holder can take possession of the property.
For example:
The lienholder has no liability for any damage done by the buyers vehicle.
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
Yes. The second lienholder can foreclose. The new buyer is still responsible for any senior liens.
If "you" are the lienholder then yes. If you're not the lienholder or their authorized agent (e.g. a repo man working for them), then no.
Having a lienholder on a title means that a lender or creditor has a legal claim on the property until the debt associated with it is fully paid off. This claim is typically established through a loan or mortgage agreement, indicating that the lienholder has the right to take possession of the property if the borrower defaults on the loan. The lien is recorded on the title, making it public knowledge and affecting the owner's ability to sell or refinance the property without addressing the debt first.
Either to the owner or lienholder depending on if there is a loan on the vehicle and if there is a loan, how much is owned. The lienholder gets paid first.
Yes, a lienholder can legally repossess your car if you fail to make payments as agreed upon in the loan agreement.
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.
Simple answer? sure.
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No
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