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How Important is Lien in Loan Repayment
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[QUOTE="Holicent, post: 250406, member: 76163"] [FONT=Verdana] Lien is a form of security interest granted over any asset owned by the debtor. In the case of a loan, it means that the bank has a right to seize the collateral if the borrower defaults on its payment obligations. The main purpose of a lien is to ensure that the lender gets paid back in full. It’s also a way for lenders to protect their interests if they have made an unsecured personal loan. For example, if someone borrows money from a friend or family member and doesn’t pay it back, there isn’t much chance of recouping the debt unless there is some collateral involved (like a house). In this case, having a lien against the property makes sure that you will get your money back if things don’t work out between you and your borrower. For example, What happens when you don’t pay back your car loan? If you default on your car loan payments, your lender has several options available to them: They can repossess your vehicle (if it has been financed through them). This means that they take possession of it so that they can sell it at auction and recover some money from its sale proceeds. If they do not want to repossess your care, thay can hold on to your collateral.[/FONT] [/QUOTE]
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