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Contract fell thru - need advice wipeout64@hotmail.com 07-07-2006
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Posted by Oren on July 7, 2006, 6:02 pm
wrote:

>Oren wrote:
>>
>>>> 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.
>
>We have (almost) the same homestead rule in Texas. The property can,
>however, be seized and sold for three types of debt:

Florida's Homestead Exemption (moons ago) exempted the first 25K from
property taxes.

>1. Incurred for the original purchase;

Promissory Note (s).

>2. Taxes;

IRS and state...

>3. For improvements to the property.

Funds not paid to the local boards. like permits..

>Plus, there are requirements that must be met before the property can even
>be considered to be a homestead (you have to actually LIVE there, for one).

As I do, never claimed it for rentals.


Oren

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Posted by JimL on July 7, 2006, 6:24 pm
wrote:

>Oren wrote:
>>
>>>> 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.
>
>We have (almost) the same homestead rule in Texas. The property can,
>however, be seized and sold for three types of debt:
>1. Incurred for the original purchase;
>2. Taxes;
>3. For improvements to the property.
>
>Plus, there are requirements that must be met before the property can even
>be considered to be a homestead (you have to actually LIVE there, for one).

No.
You don't have to live there to establish it as your homestead.

However, you do, if confronted, have to prove your 'intention' to
live there and make it your homestead. Maybe drill a well or lay out
stakes for a foundation or some such action on your part.






Posted by Tom Horne, Electrician on July 8, 2006, 12:03 pm
Oren wrote:
>
>>> 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

Oren
Now your closer to correct because you have specified the state under
which the law will be applied. You do know that the Nevada law is not
identical to the law in the other forty nine states don't you?
--
Tom Horne

"This alternating current stuff is just a fad. It is much too dangerous
for general use." Thomas Alva Edison

Posted by Oren on July 8, 2006, 12:49 pm
On Sat, 08 Jul 2006 16:03:52 GMT, "Tom Horne, Electrician"

>Oren wrote:
>>
>>>> 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
>
>Oren
>Now your closer to correct because you have specified the state under
>which the law will be applied. You do know that the Nevada law is not
>identical to the law in the other forty nine states don't you?

Yes, ever jurisdiction is different.

I've lived in four states and never once heard of a person owed money
being able to take a person's home (foreclose) without some notice,
civil action, etc.

I understand a lien, but I do not comprehend a contractor that is owed
money being able to jump ahead in line of a mortgage lender that has
interest in the property.

Foreclosure:

"The legal process by which an owner's right to a property is
terminated, usually due to default. Typically involves a forced sale
of the property at public auction, with the proceeds being applied to
the mortgage debt. "

Lien:

"A mechanics' lien claimant can sue to have the real estate sold at
auction and recover the debt from the proceeds. Because property with
a lien on it cannot be easily sold until the lien is satisfied (paid
off), owners have a great incentive to pay their bills."


Oren

Posted by Tom Horne, Electrician on July 8, 2006, 12:01 pm
dadiOH wrote:
> JimL wrote:
>> On Fri, 07 Jul 2006 08:37:35 -0500, Thomas Kendrick
>>
>>> I would be more concerned that the unreliable painter would appear in
>>> a week or two wanting to be paid for the whole job. It's called a
>>> mechanic's lien that starts when he does any work on the job. Unless
>>> you have a written contract which states that failure to appear
>>> constitutes abandonment of the job, you are at risk.
>>> Unreliable is a value judgment on your part that will not hold up in
>>> court if he sues you for the entire contract price.
>>>
>> And it goes without saying that if you refuse to pay, he can sell
>> your home and get his money from the proceeds. But the good thing is
>> that he will have to give you the balance - after deducting all the
>> expenses of the sale.
>
> A lien doesn't give him the right to foreclose, merely to be paid when/if
> the property is sold.
>

That varies from state to state and by property type. If you need legal
advice go get it from a lawyer. Do not take the word of anyone hear
because our advice is worth about what you are paying for it.
--
Tom Horne

"This alternating current stuff is just a fad. It is much too dangerous
for general use." Thomas Alva Edison

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