Is a lien only for money owed or.........
emma
9 years ago
last modified: 9 years ago
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sushipup1
9 years agoElmer J Fudd
9 years agoRelated Discussions
mechanic's lien
Comments (8)Your attorney is advising you to pay the sub to remove the lien, then sue the GC to collect what you are owe. This is the most sensible approach. Not sure how lien laws are written in your state, but in mine, a lienholder can actually force the sale of the house in a Sheriff Sale to satisfy the lien amount. But since the sub is not the primary lienholder against the property (your mortgage lender is) this can end up like a "foreclosure" with the bank ending up owning your house and land. It is therefore in your best interest to resolve this issue quickly. Your builder does not have your best interest in mind at this point, but rather his. So do what you need to do to protect yours. Luck...See MoreLiens on the build
Comments (8)I have since learned about the tiff the two have. Lumberman had a salesperson who didn't get a bunch of doors and trim work to the Cabinet Guy when CG was a general contractor. CG wasn't paid for the job, because he couldn't get it done in time for the big party of his client. So, he didn't pay Lumberman. He said he has wanted to, after his initial irritation, but "just hasn't gotten around to it". They actually didn't speak to each other at my house, but it sure was cold when they were both there. Cabinet Guy has been buying his supplies elsewhere since the non-payment. I get a lien release every time I give checks out for the amount of the check. I get an invoice from each of the various subs, one from Lumberman, one from Cabinet Guy, one from Electrician, etc. Then I take those to the attorney who is the go-between from me and my bank, who holds my construction loan. He alerts the bank to transfer money and come out and do an inspection. Once that is done, he writes the checks and I pick them up and hand them out. Is this the way everyone does it? BTW, I am the GC, not a builder....See Morethinking about a lien against my home?
Comments (15)Hi mangotoo, What you're referring to may actually be a Home Equity Line Of Credit (HELOC), which is somewhat similar to a mortgage, as it gives you a loan, using your equity in your home as collateral. If you are not employed and have little prospect of becoming so within the near future, you may have little possibility of having a financial institution being willing to make such an offer to you. If you have a connection with a credit union and have built up a good reputation with them, they may be willing to make you a loan based on your integrity. It might be useful to make such a loan, if you can, as the rate may be about 5% or so, using it to pay off the credit card debt, for the rates that standard credit cards charge is usually 15 - 18% annual rate ... and store-issued cards usually charge 25 - 28% or so annual rate. As much of the things that we purchased using the cards is not deductible, we need to earn 25 - 35% before taxes in order to have after-tax money to pay the 18% or 28% interest rates. Even if you could borrow enough to pay off your credit card debt in full ... ... where are you to find money to live on, month to month? It seems to me that it would be wise for you to take a lower-level job if you can find one, as earning something from such employment is preferable to earning $000.00, that you are earning now. I strongly suggest that you avoid digging into your retirement funds, for every dollar that you eat now won't be there to help grow another dollar prior to your retirement, or to feed you then. How do you like the idea of being forced to work until near the date of your death? And leaving next to nothing for your wife to live on, after your death? And your possibiluity of finding a new position with a retirement provision is getting more remote, year by year. As for investing in gold or silver ... ... there may be pie in the sky ... but I ain't seen any, lately. If you had a bucket of money on hand, maybe you could consider such .. ... but you ain't got such ... ... so you can't consider it. Unless you don't mind sticking your foot into a beartrap. I hope that you can find some appropriate work, or any work available, soon. And good wishes for havng a better New Year than this has been. But, don't forget - no one is going to pull the chestnuts out of the fire to feed you: you need to work towrd building your own future. ole joyful...See MoreTax lien on title- now what?
Comments (26)beachlily, that is not true regarding the renter and a federal tax lien. The IRS does not get any kind of preference because of an income tax lien (other then once they file, very few lien holders that file after them can jump in front of them), even it was the result of a fraudulent filing. They have to go through the same foreclosure proceedings as any other creditor. If the partner truly had a part in the tax fraud I can assure you he would be in jail. The IRS does not simply slap you on the hand and say "pay me when you can and don't do it again" when the numbers get into the six figure range. What you are referring to is an asset seizure in which the police will take all property they think is linked or obtained from the commission of a crime that allows for asset seizures (usually drug trafficking, theft by deception, etc). Chances are if you are renting a property with a meth lab being run out of the basement, you may lose your property. Typically they will take everything on the premises and then let the owners sort it out. And in this case, it can be very hard to get your property back since the laws typically require them to give back the property only if you are found innocent. To get around this requirement, they simply do not file criminal charges against you. Many times the only way you get your property back is to get them to charge you with a crime....See Moreemma
9 years agolast modified: 9 years agosephia_wa
9 years agolast modified: 9 years agobry911
9 years agoUser
9 years agobry911
9 years agolast modified: 9 years agobry911
9 years agoemma
8 years agolast modified: 8 years agojoyfulguy
8 years ago
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Elmer J Fudd