Ran across an interesting news article about how folding car dealerships are ending up sticking car buyers with unpaid liens on some cars. Something to be careful about if buying a car in this current economy of failing car dealerships. The link to the article is:
http://new…r_defaults
For clarity:
The article is useful for car buyer who are trading-in a vehicle with lien.
Thank you. I forgot to put that in my comments. Good catch.
GREAT…How about taking criminal action against the dealers that are doing this. Since they went bankrupt it’ll be impossible in civil court…Only way to stop this is bring some of these owners/managers up on criminal charges and put them in jail for 10 years.
This is a problem here with new houses, too - builder goes bankrupt, contractors go after homeowner for BIG $$. Not good.
If you have title insurance (most mortgage companies require it now), it should cover that. Mortgage companies don’t like giving mortgages on properties that have liens on them. The builder must have LIED saying no liens were on the property in order for the buyer to get a mortgage. They should go after the builder for CRIMINAL charges.