Posted on: 27th Dec, 2008 07:50 am
I am an electrical contr. who has a lien on a property that we wired. If the bank forecloses do I have any recourse? Can I sue the builder? or even the bank? I tried to protect myself with liens but it seems that they are useless if the bank can just wipe it out. I have received two notices in the last week on two different properties. I will be put out of business if this continues.
Hi stevea!
Welcome to forums!
I think as you have placed a lien on the property, you will also have the claim on the property. Once the bank forecloses the property, it will first satisfy its own dues. Then you can claim your dues. If the foreclosure sale does not satisfy your dues, you may sue the builder in my opinion. But I would suggest you to take the help of an attorney in this regard. He will be the best person to guide you.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I think as you have placed a lien on the property, you will also have the claim on the property. Once the bank forecloses the property, it will first satisfy its own dues. Then you can claim your dues. If the foreclosure sale does not satisfy your dues, you may sue the builder in my opinion. But I would suggest you to take the help of an attorney in this regard. He will be the best person to guide you.
Feel free to ask if you have further queries.
Sussane