What is the purpose of a lien when you get a secured loan?.

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02-05-2022
Business

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What is the purpose of a lien when you get a secured loan?.

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lovemath69 lovemath69 · Answer 1 · 2022-05-09T16:22:56-04:00

lovemath69 lovemath69

09-05-2022

Answer:

If you have trouble paying the loan, the lender can put a lien on the collateral (a lien is the legal term for the lender's claim to the borrower's collateral.) The lender can keep the lien active until the loan is fully paid. At that point, the lien is lifted, and the collateral ownership reverts back to the borrower.

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