ever put a $200 lien on someone's house and then try to foreclose to collect? what are the steps?

Answer 1

I wouldn't do it that way because for one I'm not sure you can, but for another it will involve more rigmarole than $200 is worth.

What I would do is tack on interest but you need to do this somewhere in the process leading up to the lien and you'll have to check on this, but say 8% or so (don't know how much, but it's defined by law) and then just place the lien on the house and wait.

Because the thing with the interest doesn't involve any more work than what is already involved in what you describe, other than you have to specify it somewhere on one or another of the forms that you'll be filing.

You may have to wait some time, but once you put a lien on a house the owner can not sell or refinance without taking care of the lien first, so you will get paid eventually and the whole time your lien accrues some interest.

Answer 2

Exact steps depend on what state you are in. For how it generally works in New York, see:

http://query.nytimes.com/gst/fullpage.html?res=9903E6DF1E38F933A15752C0A9649C8B63


You won't be able to foreclose based on your lien. Only the mortgage holder can foreclose, and the steps to foreclose are long and drawn out. So as long as the house payments are up to date, no foreclosure.

The whole point of the lien is to encumber the title, and make the house unmarketable. You collect when the house changes hands, even if this occurs far in the future. The homeowner has already reneged paying you, and if they want to sell their house, they have to settle with you one way or the other.

Another caveat, the lien has to be for a material improvement to the property. You can't file a lien if they just owe you money.

If you have a bona fide case, better to take it to Small Claims Court.

Answer 3

NO! in undemanding words the monetary corporation she has the non-public loan by can foreclose on the homestead! He can position a lien on it, yet even then he nevertheless can't stress a foreclosure. The lien does no longer receives a fee until eventually the homestead receives offered. as well, if this fee settlement is on paper and signed by ability of each body (which i actually desire it replaced into) then he can't replace that and insist finished fee. He may be as a lot of a blow not straightforward as he needs to, yet that does no longer replace the legally binding settlement. This guy does no longer know his hiney from a hollow in the floor and is basically attempting to be a bully because he's not getting his own way.

Answer 4

It will cost you more than $200 to foreclose ... way more.

Hopefully the homeowners will try to sell or refinance the house. They can't until all liens are paid off.

Answer 5

It will be extremely hard because it depends on what lien position you are in. Especially if they hold a Primary and secondary mortgage.