We placed a lien for $20K on a property that a subcontractor hired was hired to work on. The owner of the property says he will not pay unless we settle for 12K. He says he can bond out and ignore our invoices and that there is nothing we can do. Is this correct? We are willing to counter over.
If the owner obtains a bond ("bonds off your lien") then that is a good thing. It means that either the owner puts cash into the registry of the court to pay your claim, or that a surety company (deep pocket) can be sued for the money you and your subcontractor are owed. So this is an empty threat, and you won't lose your rights. Rather, your rights will be enhanced since its a hassle to actually foreclose on the lien and there may be a security deed that has priority over your claim.