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Updated over 1 year ago,

User Stats

24
Posts
7
Votes
Nana Osei
  • Maryland
7
Votes |
24
Posts

How do I file a lien on a property as an investor?

Nana Osei
  • Maryland
Posted

I loaned some money to a real estate developer who was flipping a home in Baltimore. We signed a promissory note with a specific due date. She used the home as collateral. Initially, everything went smoothly, and she made timely payments. However, when I traveled, I assumed she would continue making payments. Unfortunately, she stopped making payments and, when I inquired, she claimed that the house had collapsed, and she had to file an insurance claim.

I visited the property and observed that it had been boarded up. It has been six months, and I have not received any payments, and the promissory note is now overdue. I consulted with a real estate attorney who charges $300 per hour and requires a retainer. Is there any way I can file a lien on my own?

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