Lender Sold Loan to Junk Debt Buyer, but Still Holds the Lien
I Live in AZ...
Party A= Original Lender
Party B= Junk debt buyer
Things got tough blah, blah.
Bought a car from Party A. I fell behind on the payments. They never came to get the car they expressed they wanted the behind payments.
4 months later they sold the debt to Party B. Junk debt buyer.
Party A is the still lienholder on the title. Party B has the title with no lien.
Party A expresses no concern over the loan when contacted as they have sold it.
Party A will not release the lien.
Lawn ornament? I dont want the car. I would like to sell it and settle the debt.
How do I get the Lien released? Its been 3 years now.
Re: Lender Sold Loan to Junk Debt Buyer, but Still Holds the Lien
You get the lien released by satisfying the outstanding debt, then getting a release of lien from the lender. It may be possible to negotiate a reduced payoff with the current owner of the debt, as 100% satisfaction of the outstanding debt, then use proof of the 100% satisfaction to get a release of the lien.