To prevent this from happening, the homeowner can demand from the contractor written lien waivers from all the subcontractors providing materials or services for work described in the contract. Mississippi law requires the homeowner be given notice of the right to these waivers. Another expense of home ownership is the city and county taxes on the property. Failure to pay these taxes can force the sale of the home for taxes. Prompt action can prevent this from occurring or even enable the owner to regain the home after the sale.
Home ownership is also in jeopardy when the owner loses a lawsuit and owes money.
The court can place a judgment lien against the house, allowing for the sale of the property to satisfy the amount owed. Owning a home can bring great satisfaction, security, and tax benefits. However, great responsibility also rests with the home owner to manage any incurred debt and make payments on time. Failure to do so can possibly cause the loss of one's greatest financial asset.