Being a residential contractor in this economy, getting paid on foreclosed or failed projects can be difficult — be informed on a bonded stop notice. By John E. Bowerbank For years, unpaid contractors for construction projects have had the unique ability to record a mechanic’s lien against the property, making the contractor a secured creditor prior to getting a judgment, and therefore usually forcing the owner to pay the contractor to avoid a foreclosure of the mechanic’s lien. However, in this economy, many owners have no problem walking away from the…
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