What is meant by lien in banking?

A lien gives a creditor the legal right to seize and sell a borrower’s collateral property or asset which fails to fulfil a loan or contract obligations. The owner cannot sell the property that is the subject of a lien without the permission of the lien holder.

Is there a bank that can find the lien?

The original bank that lent the money no longer exists, and the mortgage was sold several times over the years. The last known bank cannot find any trace of the lien. How do we go about clearing this lien from the title at the courthouse? Do we have to find the current/latest mortgagor? Do you have any other ideas? Support our journalism.

How does a bank put a lien on a car?

The vehicle is purchased from a dealer, secured by a loan from a bank, and the bank puts a lien on the vehicle and holds the title to the vehicle. The debtor makes payments on the vehicle.

Can a FDIC release a lien on a property?

If you had a loan at a failed bank which you paid off and the bank’s lien on your property was not released, we may be able to help. More information on lien releases FDIC may be able to assist you in obtaining a lien release if the request is for a customer of a failed bank that was placed into FDIC Receivership.

How to remove a lein on a bankrupt financial Institutio?

So, both Greentree and Conseco are bankrupt, noone to talk to, Conseco new company says all they do is Insurance stuff now, nothing with mortgage or anything…..so, how am I supposed to be able to get this lein released from companies that are bankrupt now? 11-12-2019 11:15 AM 11-12-2019 11:15 AM

When does a bank take a lien on a loan?

Bankers lien is an implied pledge.The bank can take the lien property or document and recover dues.For example FDR is a lien for FD loan If the loan is not repaid on maturity dateFD can be closed by transfer to loan account.