Can you foreclose on a Mechanics Lien or bail bonds lien. - Posted by Jamaul Jones

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.

Good Luck

Can you foreclose on a Mechanics Lien or bail bonds lien. - Posted by Jamaul Jones

Posted by Jamaul Jones on November 28, 1999 at 23:55:10:

I am thinking of new ways to obtain real estate. I know that when a contractor isn’t paid for work done on a home or a person uses their home as colateral when posting bail a lien is placed on the home. I would like to know if I purchased the lien would I be able to foreclose on the home. If so what would be the process. any asistance would be appreciated.