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Lender Sold Loan to Junk Debt Buyer, but Still Holds the Lien

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  • 01-12-2010, 07:14 PM
    Kutan
    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.
  • 01-14-2010, 09:15 AM
    Mr. Knowitall
    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.
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