Real Estate Law
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In case a lien is filed, what are the implications on
a. business credit report
b. personal credit report
I have signed personal guarantee to the bank for the loan, but didn't sign any collateral of my personal assets.
That means that they can't just take or execute against any of your personal property UNTIL AFTER they get a judgment against you. Once they get a judgment they can execute against all your unsecured personal property, garnish bank accounts, levy on brokerage accounts, etc.
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If we pay off the amount owed, does the vendor remove the lien immediately? Does the lien remain on the history of the property report? If so, at the time of sale/refinance, would the history adversely impact the sale/refinance?
The amount owed is much smaller than the value of the property.
If we pay off the amount owed, does the vendor remove the lien immediately?
You also have to pay the satisfaction costs - that runs about an additional $100.
Does the lien remain on the history of the property report? If so, at the time of sale/refinance, would the history adversely impact the sale/refinance?
Yes, the lien will be of record as against the property but, if satisfied, it's like any other mortgage or loan lien that's been satisfied and has no impact (adverse or positively) whatsoever.
If the lien is satisfied - then it's of no consequence.
If still viable - that will have to be paid off if you refinance or sell the property.
We are in the process of converting the construction loan to a regular loan (same lender+SBA) in the next few weeks. Will the escrow closing be affected if we have the lien? Will the lender insist on clearing the lien before we can close?
At what stage can the vendor file a suit and obtain judgement? After 20 days notice, can the vendor immediately file a suit and obtain a judgement? If so, how long would it take to obtain the judgement? Will the judgement impact running of the business?
Sorry, one final question related to the original question. If we pay the vendor after they file the lien, do we need to pay interest on the balance due?
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