article thumbnail

Does a Lien Affect Your Credit Score?

Levelset

If you receive a notice that a lien has been filed on your property, you may wonder how it will affect your credit score and your ability to borrow money or get credit. Mechanics liens are different from other collection instruments, so they are treated differently when it comes to reporting on your credit history. What is a lien?

Lien 96
article thumbnail

Sworn Statement of Amount Due – Louisiana’s Public Lien

Construction Law Monitor

Here at Wolfe Law Group , I have been blogging a lot lately on liens for both public and private projects ( See other posts here ). Since the state owns the land, there are no security devices , such as a lien that can attach to the land and call for its foreclosure in the event of default or non-payment.

Lien 56
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

PACE in Maryland is Not Keeping Pace

Green Building Law Update

In the event of a default, the amount in default (but not the entire principal of the PACE loan) is a liability that is a property tax lien collected by the local government with the priority associated with other real property tax liens, so existing mortgage holder acknowledgment of a PACE loan is required.

Maryland 136
article thumbnail

HUD Jumpstarts PACE Financing for Homes

Green Building Law Update

The concept is not new, but nationally, residential PACE programs generally have been put on hold or foregone as a result of concerns of HUD and the Federal Home Loan Banks, that issued a directive in February 2011 to refrain from purchasing mortgage loans secured by properties with outstanding first lien PACE obligations.

Finance 120
article thumbnail

How to Get Paid on New Jersey Public Projects

Levelset

When payment problems come up, contractors on public projects can’t turn to the mechanics lien for the solution — both the federal and state governments prohibit private companies from gaining interest in public property. Instead, general contractors on public construction projects have to secure a payment bond prior to the start of work.

article thumbnail

How to Get Paid on Washington State Public Projects

Levelset

Contractors on public projects aren’t allowed to file mechanics liens when payment problems arise, as both the federal and state governments explicitly prohibit private entities from claiming an interest in public property. However, contractors have to follow certain steps in order to keep their payment rights secure on public works projects.

article thumbnail

PACE Programs are Stepping Up the Pace

Green Building Law Update

In the event of a default, the liability is a property tax lien collected by the local government with the priority associated with other real property tax liens, so existing mortgage holder consent is required. There were not similar concerns expressed about commercial loans. Commercial PACE programs are still very new.

Lien 120