Posted by Bob H on November 29, 1999 at 01:10:14:
You can foreclose on either one, however the procedure may be different depending on the type of lien you have.
A mechanic’s lien is an involuntary lien and would usually need to be foreclosed judicially, even if your state uses primarily statatory foreclosures on Trust Deeds. This means the owner’s homestead exemption would be senior to your lien. Unless there is plenty of equity over and above the homestead, there is little to gain from foreclosing.
Bail bonds are generally secured by a Deed of Trust or Mortgage, and both usually contain a waiver of homestead, so they are potentially a more viable foreclosure opportunity. Again, the amount of equity would be the determing factor.
I’m sure state laws vary widely, so your best bet would be to fully research your state statutes before commiting buy any liens.