Booth Escrow Newsletter

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What happens when Contractors who have Mechanics Liens, file for Foreclosure?

I have this property in escrow that has a number of Labor and/or Material Liens filed on title. The seller has been working with the contractors to negotiate for payoffs, but I notice that one of the contractors filed a Foreclosure Action.

Title explained to me that if the Lien is 9 months old, they drop off title, UNLESS one of the Contractors have filed for Foreclosure. In that case title "stays" all Liens, regardless of age and they have to either be paid off at closing or bonded over.

As it turned out on this property, the Lien in question "expired" one month prior to the other contractor filing for foreclosure so title did take it out.

Happy St. Patricks Day!!

Is there anything better than listening to some great music as you are working, blogging or just organizing your day?

Since we are now celebrating St. Patricks Day, Everybody loves music!

here is a great fun tune from the band, "Great Big Sea".

If you haven't yet had a chance to go see this band live, put it on your 'to do list". Its amazing how many people know the words to these songs.

Here is another song called "Ride the Donkey" that you might like even better and its just over 2 minutes long.

Don't forget to wear your green!

Julie Booth

These newsletters are written by Julie Booth from things that are actually occuring on the closing desk. If you would like to see an article on a particular subject, please let us know.

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