Legal Question in Real Estate Law in Maryland
How to obtain a lien release from a company that went out of business
We have a vehicle that has been paid in full and sold to us. We cannot obtain a lien release because the loan company has gone out of business. Without the lien release, we cannot get tags from the Motor Vehicle Administration to transfer the vehicle into our name. How can we either obtain a copy of the lien release or straighten things out with the MVA? Thank you for any help you can offer.
2 Answers from Attorneys
Re: How to obtain a lien release from a company that went out of business
Loans are usually sold or assigned when a company closes. You will need to see who bought the Accounts.
Did the Company go bankrupt?
Do you have a record of all of the payments that were made and the original note?
Re: How to obtain a lien release from a company that went out of business
Have you discussed your problem with someone from MVA? They have usually encountered every type of problem and have a procedure for resolving it. It may involved proof by you that you made all the payments called for in your payment book--cancelled checks, etc. If you fill out the proper form and affidavit, you can probably get your release.
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