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Updated about 9 years ago,

User Stats

103
Posts
22
Votes
John C.
  • Rental Property Investor
  • Suwanee, GA
22
Votes |
103
Posts

Possible to take control via mechanic's lien on pre-foreclosure?

John C.
  • Rental Property Investor
  • Suwanee, GA
Posted

Hi guys. House worth about 1.7m is being foreclosed on in Fulton County, Georgia. City of Atlanta. Lender balance about 1m. Contractor has a mechanic's has a lien on the property for @200k. I believe the mechanic's lien was filed properly by a big law firm but is well aware that his lien will be extinguished if the first completes foreclosure. From what I can tell the contractor did the work and the house looks great. Strategy to take control? Any leverage value to buying the mechanic's lien for a discount? Doesn't that lien have right of first refusal to buy out the underlying debt at balance owed or something like that?

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