A lien is a document that shows you owe money to a lender on a particular vehicle or other asset, such as real estate, that has been used as collateral on a loan.
An asset on which there's a lien can't be sold until the lienholder has been repaid. When you own an asset on which there's a lien, you risk having it repossessed if you default and don't make the required payments in full and on time.
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- Collateral, default, Foreclosure, Lienholder, Loan, Secured loan
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