Take the hit and run....
EZRA,
You can't get money out of a dead guy...much less his estate. The lien isn't all it is cracked up to be. My brothers and I own a HVAC company here in Twin Cities and we did the lien process on three homes from a contractor that owed us over $30K four years ago, we spent $10k on an attorney, went after one of the homes we thought had equity...We have ridden the wave to the bottom of the ocean w/ the Lumber yard getting out at a discount, and the other lien holders not making payments......Now I own the damn house, have moved my family across town, and put more $$$ for what.....??
Long story short....I live in a house way bigger than I need and can't sell in the current market w/ bigger payments than my last home!!
Unfortunately, us sub-contractors have NO rights unless you "really" know you can cash out right away, only if you get the property back by yourself. If you get other lien holders, it comes down to who is owed more money for higher percentage of rights... We could write a book on what not to do when the tell-tale signs are right in front of you. When you say there is no $$$$...your gut is telling you there are NO $$$. Don't HOPE there is.....
Just walk away from it w/ your losses. Wish we would have walked four years ago, 'cause that lien has gone from being owed $30K+ to now losing over $100K, never to be paid back and having to move across the cities for what....A house we are upsidedown in????
Keep the old sled because you can....you have your health and family. Cut your losses and look for the positives in your business and in life!!! He killed himself out of self-pity and dispair...don't let the dispair sour you! Attorneys only want your $$$ in this situation...
$$%%^& sucks, but sometimes we have to cut bait when it hurts! Spend your $$$ on a rock-solid contract and get your $$$ as you go on your other projects...Protect your future, can't do anything about the Past!!
Just venting.....and trying to help!!
Rudy Rudy doo
EZRA,
You can't get money out of a dead guy...much less his estate. The lien isn't all it is cracked up to be. My brothers and I own a HVAC company here in Twin Cities and we did the lien process on three homes from a contractor that owed us over $30K four years ago, we spent $10k on an attorney, went after one of the homes we thought had equity...We have ridden the wave to the bottom of the ocean w/ the Lumber yard getting out at a discount, and the other lien holders not making payments......Now I own the damn house, have moved my family across town, and put more $$$ for what.....??
Long story short....I live in a house way bigger than I need and can't sell in the current market w/ bigger payments than my last home!!
Unfortunately, us sub-contractors have NO rights unless you "really" know you can cash out right away, only if you get the property back by yourself. If you get other lien holders, it comes down to who is owed more money for higher percentage of rights... We could write a book on what not to do when the tell-tale signs are right in front of you. When you say there is no $$$$...your gut is telling you there are NO $$$. Don't HOPE there is.....
Just walk away from it w/ your losses. Wish we would have walked four years ago, 'cause that lien has gone from being owed $30K+ to now losing over $100K, never to be paid back and having to move across the cities for what....A house we are upsidedown in????
Keep the old sled because you can....you have your health and family. Cut your losses and look for the positives in your business and in life!!! He killed himself out of self-pity and dispair...don't let the dispair sour you! Attorneys only want your $$$ in this situation...
$$%%^& sucks, but sometimes we have to cut bait when it hurts! Spend your $$$ on a rock-solid contract and get your $$$ as you go on your other projects...Protect your future, can't do anything about the Past!!
Just venting.....and trying to help!!
Rudy Rudy doo