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In the USA, can you lose your home even after it is 100% paid off? (lemmy.ml)
submitted 2 years ago by to c/asklemmy@lemmy.ml
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Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?

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[–] 6 points 2 years ago (1 child)

That's why large projects require a performance bond and a payment bond. The performance bond covers the project, the payment bond covers subcontractors.

Not sure what the feasibility is for a household project, but it's always good to look for a contractor who is licensed, bonded, and insured and ask for those documents before signing.

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  • [–] 2 points 2 years ago

    Absolutely. I work in the building material supply industry, and everyone in the office hates having to do a lien on a homeowner. It’s rare because we have pretty strict requirements on whom we give credit accounts.

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