I have a check that was endorsed by us and sent to a mortgage company. The check was to be deposited and withdrawals sent to us. We have now completed all work, and since the home is in forclosure, the bank is not releasing the funds; what are my rights? I am told the bank must release labor cost to me in 48 hours, and I should tell them this, but noone seems to know the law that states this or the governing body. I am in Michigan and a restoration contractor with no relation to the mortgagee.
In Michigan, a (sub)contractor is required to file a Notice of Furnishings within a set period of time of when work is completed. This may be necessary in order for you to get a lien on the property, or a lien superior to that of the first. You may be out of luck at this point. Once the property sells, you are really subject to what the lender wants to do, unless you sue. Contact an attorney to protect your workman's rights for some type of mechanics lien.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
In Michigan, a (sub)contractor is required to file a Notice of Furnishings within a set period of time of when work is completed. This may be necessary in order for you to get a lien on the property, or a lien superior to that of the first. You may be out of luck at this point. Once the property sells, you are really subject to what the lender wants to do, unless you sue. Contact an attorney to protect your workman's rights for some type of mechanics lien.
