Mon Jan 30 22:39:10 EST 2023
Home#ForeclosurepediaNationImportance Of Mechanics Lien As Industry Goes Bankrupt

Importance Of Mechanics Lien As Industry Goes Bankrupt

Register With Levelset If Your Contract Is Over $1,000 With NAMFS Members

For years, the Mortgage Field Services Industry has sought to take on work from other industries such as the storm damage sector. And the continued pay-to-play scheme enforced by National Association of Mortgage Field Services (NAMFS) members, by and through their mandatory discounting for work, has finally driven away what little Labor which remained. More on point, though, NAMFS members pay-when-paid scheme is becoming extremely dangerous to real world Contractors in light of the massive insurance company failures in Florida. Foreclosurepedia has stated for years — and still stands by — its statement that there is not a single NAMFS member whom is financially solvent if they were forced to hold the capital to pay for all work orders due as well as their daily operational expenses. Levelset put it best in a recent article,

Avatar’s liquidation marks the sixth insurance company to be sent to receivership since 2017, and another six are currently reported to be on the brink of failure. Avatar policyholders were told their policies would end on April 13, and that they would need to find a new insurance policy with another company.

For years, NAMFS members have attempted to have Contractors waive their legal rights to lien regardless of whether or not NAMFS members paid them. And at the height of the 2008 Financial Crisis, this was a financial windfall in the tens of millions of dollars for NAMFS members. Recently, though, in the NFN Involuntary Bankruptcy as well as the pending litigation against MCS in Florida, these spurious and fraud ridden requirements have not only been challenged, but moved aside for qualified International Association of Field Service Technicians (IAFST) members.

For contractors, lien rights will generally still be available for the value of labor and materials already provided,” said Alex Benarroche, construction attorney and legal Associate at Levelset. “How the project will proceed from that point will likely be determined by the terms of the contract in this scenario.”

For those Contractors concerned with being paid, Foreclosurepedia strongly suggests that you register with Levelset today! Here is a link to their platform.

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