I live in NY. How long does a contractor have to initiate a foreclosure once he's placed a mechanic's lien ?

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I live in NY. How long does a contractor have to initiate a foreclosure once he's placed a mechanic's lien ?

2007-10-17 10:17:25 · 2 answers · asked by ceegee 2 in Business & Finance ➔ Renting & Real Estate

I have received a letter from an attorney telling me they're going to foreclose. The lien is 9000. Should we believe him or is he just a bully?

2007-10-17 10:34:45 · update #1

2 answers

He can't forecllose with a mechanics lien. He collects if you sell, refiance or die, but he can't foreclose.

2007-10-17 12:02:26 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋

The lien can lay there indefinitely. Properties are seldom foreclosed upon for a mechanic's lien. They usually wait until the owner tries to sell the property and then collect from seller's funds at closing.

2007-10-17 17:29:49 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋