Hey everyone, I'm really struggling with my home renovation situation and could use some advice. I owe about $80,000 to my contractor, but due to financial issues, I've had to cancel most of the remaining work and I'm either tackling the rest myself or hiring smaller trades. The contractor is offering a 0% interest payment plan, but the terms are still more than I can afford. I'm also worried about possible liens and legal consequences if we can't reach an agreement. With a potential bankruptcy looming because of a recent job loss and disability, I'm planning to consult an attorney once I get the payment contract. Has anyone dealt with anything like this? How did you negotiate down a contractor balance or handle similar legal risks? Any experiences or advice would be super helpful!
3 Answers
One thing to check is the original contract details. Depending on what was agreed upon, you may have options if they haven't completed a lot of the work or if costs spiraled unjustly. It might be worth getting an attorney to look over that with you before signing anything. Just don't let them charge you for work that wasn’t completed!
Absolutely! And make sure to document everything – it can help your case down the line.
It sounds like you're in a tough spot for sure. Instead of just going for a payment plan, consider proposing a settlement deal where you can pay a lower lump-sum upfront. Contractors often prefer getting something rather than waiting for payments that might never come. Just make sure you're transparent about your financial situation when proposing it!
Yeah, I think that's a solid move. A one-time payment can be much easier for you in the long run.
Plus, keep in mind that it's all negotiable! Don't hesitate to advocate for yourself in this situation.
Honestly, it's pretty common for a contractor to file a lien when they're not getting paid. If you've already canceled most of the work, it might be smart to talk to a lawyer right away about your options. They can help you negotiate or at least explain how to protect yourself against a lien while you're managing your finances. Remember, it's often better for contractors to get some money rather than nothing, so being transparent about your financial struggles could lead to a more manageable solution.
Totally agree! If you're clear with them about your financial situation, they might be willing to work out a deal that alleviates some of the pressure.
And don’t forget to ask how liens work in your state! Depending on where you are, the laws can really vary.
Super important point! Knowing what you're entitled to will be key in negotiating your next steps.