Thursday, June 12, 2008
query: can we refinance with a mechanics lien
If you have a valid mechanics lien against the property and your new mortgage lender wants first position, you won't be able to refinance unless the holder of the mechanics lien agrees to postpone their lien in favor of the mortgage lender. They may agree to postpone if you offer to pay them something. They'll still have their lien and they may need money enough to make a deal.
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Out here in the Golden State, if you are financially solid enough, we may take an indemnity if the lien is a result of a disputed claim and we're confident that the owner will not walk away from the property if the lien is upheld.
You can also bond around it out here.
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