I filed a mechanics lien on a customer. They have not received insurance money and are going to pay me out of pocket while they wait for the money to come because they are very concerned about the lien affecting their credit score. I've read that generally, mechanics liens don't affect a credit score but what does that mean. When would it affect their credit score? He's very concerned and asking lots of questions and I want to make sure I can give him accurate and clear information.
What Is A Mechanic’s Lien And How Do They Work?
A mechanic’s lien is a notice that someone has asserted a legal claim against your property if you fail to pay a debt for contracted services. For example, if you hire a contractor to do some remodeling work on your home and you fail to pay the amounts due, the contractor can place a lien on your home. The lien is filed in the property records of the county where the property is located.
Once the mechanic’s lien is filed, it remains on the property records until you take steps to deal with it. You will not be able to close on a sale of the property until the lien is resolved. One way to resolve the lien is to pay the amounts owed, and the person or company who placed the lien must then remove it.
Another option is to get a lien bond from an insurance company that covers the amount of the lien until the matter is resolved. Getting a lien bond will allow you to have the lien removed immediately, and it gives you time to negotiate a resolution to the underlying debt. If you want to dispute your legal obligation to pay the debt, you can take the matter to court to have it resolved there. LOL Beans is a fantastic game in which you race and fight against other players to reach the finish line. Avoid being shoved off by others by dodging, weaving, and jumping through the obstacles. The game is a lot of fun, with cute graphics, a lot of regions and servers, a good team behind it, and a lot of different obstacles and stages.