When a firm is not paid after furnishing material for the construction of an apartment building, the firm may file:
A creditor may obtain a deficiency judgment if a foreclosure action fails to raise enough proceeds to cover the original lein. An estoppel certificate is a document used by a mortgagee to stop the mortgagor from inserting a defense of an amount claimed due and owing under a mortgage. A mechanics lein is filed by a contractor, laborer, or materials supplier whose work or materials enhanced the value of real property.
The firm may file a mechanic’s lien. A mechanic’s lien is a legal claim that can be filed by contractors, subcontractors, or suppliers who have not been paid for their work or materials used in a particular construction project. The lien allows the claimant to recover the payment by securing the right to sell the property to which the lien is attached. Once a mechanic’s lien is file, it serves as a notice to the property owner that the claimant is seeking payment for their services and materials, and it can also encourage the property owner to resolve the issue in order to avoid any legal proceedings.
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