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Posted by JimL on July 7, 2006, 3:34 pm
>
>>
>>>
>>>>>A lien doesn't give him the right to foreclose, merely to be paid when/if
>>>>>the property is sold.
>>>>
>>>> Wrong again.
>>>
>>>How's that? In NV we Have Homestead Exemption that explicitly
>>>prohibits your home from being sold for debt you owe.
>>>
>>>A lien is just a cloud on the property and needs to be cleared before
>>>sale.
>>>
>>>Oren
>>
>> There may be exceptions to what I said in each of the many
>>jurisdictions, but that doesn't change the general rule which is true
>>in most jurisdictions in this country.
>>
>>"MECHANICS LIEN - A claim against real estate made by a contractor,
>>subcontractor, or supplier of building materials who contributed to
>>improvements built on the real estate. A mechanics lien, if enforced,
>>permits the party who filed the claim to force a sale of the real
>>estate to pay the claim. "
>
>A contractor will have to stand in line; after mortgage lenders. So if
>I supply the paint, what is the point except I owe him for labor,
>right?
>
>If everyone owed money today; forced a sale, we would have night court
>with long lines.
>
>A contract breach doesn't turn into foreclosure... promissory note to
>the bank is another issue.
>
>Oren
I wish I lived in your world, Oren. You have such an innocent view
of things.
I'm sure if I took the time, I could find you where some contractor
sold a million dollar property to satisfy a $500 bill that the owner
ignored.
It's old news and old law. Right now, what is hot is the home owners
association selling million dollar homes because owners didn't pay a
$150 maintenance fee.
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