Whether you have acquired your first property or your tenth, you likely have some familiarity with the concept of how a mortgage works and how some types of debt use your home as collateral. This means that, in the event that you fail to pay a debt, the other party may claim your home as […]
Mechanics Lien
How to Remove a Mechanic’s Lien Filed on Your Home or Property
A mechanic’s lien is a legal document that can be filed against property by a contractor or materials supplier as a way to get paid. A mechanic’s lien is frequently used by contractors and suppliers on construction projects when they have not been paid in full for the services they provided. Once a lien is […]
Frequently Asked Questions about Mechanic’s Liens: Answered
Mechanic’s liens are a tool available to contractors and subcontractors to get paid for the labor or supplies they provide in connection with a construction project. Mechanic’s liens are governed by the law of the state where the project is located. State laws vary; however, there are some general principles that apply to nearly all […]
Does A Mechanic’s Lien Affect Your Credit?
A mechanic’s lien can affect your credit if it appears on your credit report. However, it is not necessarily the case that the lien will be picked up by a credit reporting agency and disclosed in your credit report. Understanding how the lien can affect your credit requires an understanding of mechanic’s liens and how […]
What To Do If A Mechanic’s Lien Is Filed Against You
A mechanic’s lien is a legal tool that allows construction contractors and suppliers to get paid for their work. A properly filed mechanic’s lien provides the unpaid contractor with a security interest in the property on which the work was performed. State laws govern the rights and procedures regarding mechanic’s lien enforcement. In most states, […]