This week we are looking at how to transfer a lien from a title to a surety bond. Yes, there is a way to take care of that lien finally. Here is how it works for a transfer of lien bond in Massachusetts.
Defendants wishing to transfer a lien from title to a surety bond may do so with a transfer of lien bond in Massachusetts. This court bond applies to most types of property including automobiles and real estate. A lien may be a roadblock between the sale of a house and a few more months on the market. In similar scenarios, it may be a good idea to use a transfer of lien bond, especially if the defendant feels the lien was unjust in the first place.
The lien may very well be called for, however, so the court still has a responsibility to the plaintiff. When a defendant wants to remove the lien before the court issues a ruling, the judge requires a surety bond to uphold the lien’s merit. Using a transfer of lien bond in Massachusetts ensures the plaintiff in the case will not suffer a financial loss.
The surety bond also covers court cost and fees. In Massachusetts, the court cost is calculated by multiplying the lien amount by the legal rate of interest for a three-year period plus 25% or $1,000.00, whichever is greater. There may also be an approval fee from the appropriate Deputy Clerk.
A member of the Jurisco team can explain the surety bond requirements and cost in further detail. You can get the process started right now by visiting our application page. Our lawyer trained, court bond experts will help you with all your transfer of lien bond needs.