What are my rights to extend the payments until 1/21/2022. Thank you, Gary Gavarrete
It depends on what you mean by rights to extend payments. If you want to maintain your lien rights beyond 90 days from recording your lien without filing a lawsuit, you can record your lien and then have the owner of the property execute a lien extension (notice of credit) which must be recorded. However, you have 90 days from recording your lien to file a lawsuit to foreclose. So if you were to record a lien now, you would be able to release the lien on confirmation that all payments had been made or alternatively to do a partial release for any payments and proceed to foreclose any remaining amount. If you want to maintain lien rights you still need to record the lien within 90 days of project completion.
I filed a lien in September so that being said it will expire in December the client will still owe
monies? What do you recommend?
If the client is willing to cooperate, have them execute a Notice of Credit extending the lien before it expires. The notice must be recorded in addition to the lien and can extend to lien by up to a year.
What is a Notice of Credit? How much does it cost? Who signs, the client or the owner?
Please let me know
It is a document that must be signed by the owner and recorded. So only viable if you have the owner's cooperation. Email me at ryan@floresryan.com if you would like legal assiatance preparing this document.
how much does it cost?