Q&A: What is a Mechanic’s Lien?
What is a mechanic’s lien?
We deal with a lot of clients who are dealing with mechanic’s liens – both from a homeowner’s perspective [and a contractor’s perspective]. A contractor, oftentimes, if they don’t get paid what they think they’re owed, will threaten to record a mechanic’s lien. Essentially what that mechanic’s lien does, is it secures the debt that the contractor believes the homeowner owes essentially collateralizing the debt and giving the contractor the right or ability to foreclose on the home to pursue or claim his debt, claim the credit that he’s due. So, that foreclosure operates just like a lender foreclosing out of a mortgage that the borrow has stopped making monthly payments on.
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More Q&As on This Topic:
- What is the difference between a handyman and a contractor?
- What are some common issues that lead to contractor lawsuits?
- What is the difference between a material and a non-material breach of contract?
- Can I sue my contractor for unreasonable delays?
- Could I be liable if my contractor doesn’t pull the right permits?
- What happens if I hire an unlicensed contractor?
- What is a mechanic’s lien?
- What is the statute of limitations for filing a suit against a contractor?
- What if my contractor filed a mechanic’s lien but did bad work?
- How do I get rid of my contractor if they aren’t meeting my expectations?
- What are my legal options if my contractor never completed the work on my home?