It’s every homeowner’s nightmare scenario: you get a phone call from a mortgage company, telling you your home is in foreclosure and that you must pay now or face an avalanche of debt and legal actions. But you signed the house over to someone else months or even years ago! How does something like this happen?Continue reading “Giving Up Ownership of Real Estate When You’re Still on the Mortgage”
The complete guide to the mechanic’s lien process.
In general, a lien is a type of property right which grants a creditor an interest over specific property of the debtor named in the lien. The lien is used as security for the debt or for performance of some act. A mechanic’s lien is a security interest in the title to property for the benefit and protection of those who have supplied labor or materials that improve the property. Despite its name, mechanics are not the only individuals entitled to such a lien. Mechanic’s liens are used to ensure payment of debts related to real property (such as land or real estate) and personal property (such as an automobile or equipment).Continue reading “What is a Mechanic’s Lien?”
Mechanic’s liens, sometimes referred to as materialmen’s liens, are legal instruments that encumber title to real property to secure payment from the property owner for the balance owed on an enforceable contract for constructions on or improvements to the property. Arkansas law stipulates that mechanic’s liens have priority over all other encumbrances (except a prior encumbrance given for construction or repair of the improvement) that attach to the real estate (Ark. Code Sec. 18-44-110).
Note: This article discusses topics that might be sensitive for certain readers.
October is, for many people, the best month of the year. For lots of Americans, the temperature breaks and the crispness of autumn sets in, and the foliage begins to turn marvelous shades of orange, red, and yellow. For some, it might even be a time to revisit old haunts as we celebrate the closing of one chapter and the beginning of the next. It’s officially time to decorate for Halloween, decide on costumes, and crack out our favorite spooky films.Continue reading “Should you feel POSSESSED to buy a house, look at your state’s disclosure laws first”
A lien is a document filed by a claimant in the recorder’s office against a property for recovery of a debt from the property owner for labor or furnishing of materials for the improvement of real property. By filing a lien, as a matter of public record, the claimant (typically a contractor) puts the owner (and anyone who might have a future interest in the property) on notice that he has a claim against the property.Continue reading “Construction (mechanic’s) liens in Alaska”