Can you loose your home is a Lien is not paid? Within the deadline?
1 reply
Oct 10, 2019
A mechanics lien gives the claimant a security interest in the property itself. Once a mechanics lien is filed in Nevada, the claimant has 6 months to file a foreclosure lawsuit. Keep in mind; this is a full legal proceeding.
If the lien claimant is successful, the judge can order the sale of the property to satisfy the debt. The proceeds will go to the lien claimant in the amount of their claim and then paid to any other debtors or parties with an interest in the property. All remaining funds will be returned to the property owner.
This can be a costly and time-consuming process. Depending on the amount in dispute, it may be time to reach out to the lien claimant to come to some sort of agreement; whether it be agreeing to take less money or setting up a payment plan.
This article will shed some more light on the issue: What is "Enforcing" a Mechanics Lien?