On Fri, 07 Jul 2006 13:16:54 -0500, JimL wrote:

On Fri, 07 Jul 2006 09:57:45 -0700, Oren wrote:

On Fri, 07 Jul 2006 10:54:35 -0500, JimL 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

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