Lien Release Letter For Car In Phoenix
Description
Form popularity
FAQ
Lienholders are required to perfect or release liens electronically using the current ELT process through an approved ELT service provider. This process eliminates the need for printing and mailing individual paper titles. Once the lien has been satisfied, a lienholder sends an electronic message releasing the lien.
Include essential details like VIN, year, make, model, owner name, and lienholder information. Ask your lienholder to complete a letter of non-interest if they have no further interest in collecting on the lien. Once you have these documents, mail copies to each address listed for your lienholder via certified mail.
If you don't have a title in hand you'll have to process the lien release before you can sell it.
To Remove a Restitution Lien on a Vehicle: 1) Complete the MVD Request for Release of Lien Letter for an individual vehicle or for all vehicles in the defendant's name. A partial release permits the sale of a vehicle to go through and the proceeds are processed through the Clerk of the court for payment.
The vehicle owner must hold a valid registration. All title transactions, including new, transfer, duplicate and corrected, that indicate a lien are processed in the usual manner. However, after the transaction is recorded by MVD, the lienholder is responsible for electronically maintaining the lien and title.
In Arizona, you can take title as Community Property, Community Property with Right of Survivorship, Joint Tenants with Right of Survivorship, Tenants in Common, Sole and Separate, Single, Unmarried, Trust, and Corporations/Partnerships/Limited Liability Company.
Answer: Arizona is a title-theory state. What this means is that a buyer/borrower has only an equitable interest (rather than a legal or ownership interest) in a property that is the subject of a mortgage or promissory note. The seller/lender retains legal title.
The lienholder is responsible for filing a release of lien in Arizona. The release of lien must be filed with the Arizona County Recorder's Office in the county where the property is located.
Only a court order can substitute for a lien release if the company will not offer one. Typically, you'll need to sue the lender but also the DMV. As the court order must include the DMV as a party so that they can enforce it. You will find it in your local courthouse and include your state's DMV.
