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Can creditors garnish your wages or take your house in California?
Yes. California allows income garnishment by judgment creditors. The law also allows a judgment creditor to place a lien on real property owned by the judgment debtor. Generally the homestead exemption will protect a primary residence from a forced sale for debt owed. Judgment creditors rarely request a forced sale of a primary residence because it is a complicated and lengthy process and is seldom profitable enough for implementation.
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
What happens after a judgment of foreclosure on a mortgage?
In very broad terms, the judgment creditor can apply to the court for a writ of sale and have the sheriff sell the property at a public auction. The exact time line will vary by state and will depend on whether or not you are entitled to a deficiency judgment. For example, California has two different time lines. If a deficiency judgment is not available or the creditor waives the right to get a deficiency judgment, then the sheriff gives 120 days notice of levy and 20 days notice of sale. if there is the right to have a deficiency judgment, the sale occurs after 30 days but the owner has a 90-day right of redemption.
Do I still have to pay back my mortgage company after they foreclosed my home?
It will depend on the contract and conventions where the foreclosure took place. In many states where homes loans are secured by a trust deed the lender can only force the sale of the house and there is no possibility of a deficiency judgment when the sale was a trustee sale. If you really want to know have a lawyer in your state review your contract and default action the lender has filed. Lenders can file for a judicial action which can include a deficiency judgment if they believe there was mortgage fraud and the borrowers has assets.
Will it affect my credit if I short-sale a house that I own but do not have my name on the mortgage?
To conduct a short-sale transaction, the bank(s) holding the mortgage(s) have to agree to a short-sale. If your name is not on the Mortgage, technically you don't have a right to conduct a short sale. Even if you "own" the house (which will be in question during the entire process), the holders of the Mortgage note(s), typically banks or finance companies, actually have primary ownership of the asset (the house). If you are able to complete a short-sale, even though you are not on the mortgage note, as an owner the bank holding the note may ask you to take partial responsibility for the difference between sale price and mortgage value, or even to put in equity immediately to avoid a short sale situation. If this occurs, and you cannot pay, you will end up with a debt and a schedule to pay that debt. Adding any debt will negatively affect your credit score.
What is a civil lien and how does it affect the sale of a home?
a civil lien can be put on property for nonpayment of any liabilities owed,but only after a judgment from a lawsuit ordered by the judge to pay. you can resolve the lien by paying the judgment in full or filing for bankruptcy. the civil lien will last for 10 years & can be renewed. if lien is in place during ownership of property, lien will be satisfied up sale of house in escrow.
Will sale of condo by wife affect having to pay taxes on sale of house by husband?
Your tax advisor can answer your question.
If you need to sell your joint-owned house in Florida but you have a judgment against you not a lien will you have to pay the judgment first?
If the judgment was not perfected as a lien against the property (which is almost impossible in Florida), the property is not encumbered and the title should be clear, thereby not causing a problem with the sale. The judgment holder will probably be able to execute the judgment as a bank account levy and/or seize funds garnered from the sale of the homestead.
If a judgment is obtained in California what circumstance allows a forced sale of home?
California is a community property state, therefore how the house is titled or whether the debt is joint is not relevant. The main factor would be if the homestead exemption is large enough to protect the property from a forced sale by the judgment holder.
What is a judicial sale of your assets?
It is the sale of goods and/or property owned by the judgment debtor. The sale is conducted by an officer of the court (usually a sheriff) to satisfy a creditor judgment or in conjunction with some other type of court order.
Does executors credit affect sale of decendents house?
The credit of the executor has no bearing on the credit of the estate. It is not his property in question.
Can creditors garnish your wages or take your house in California?
Yes. California allows income garnishment by judgment creditors. The law also allows a judgment creditor to place a lien on real property owned by the judgment debtor. Generally the homestead exemption will protect a primary residence from a forced sale for debt owed. Judgment creditors rarely request a forced sale of a primary residence because it is a complicated and lengthy process and is seldom profitable enough for implementation.
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
What is the summary of judgment and foreclosure sale date in Florida?
In Florida, a judgment is a court ruling that confirms a debt owed by a party. A foreclosure sale date is set when a property owner fails to repay a mortgage, and the lender seeks to sell the property to recover the debt. This process allows the lender to auction the property to the highest bidder in order to satisfy the outstanding mortgage debt.
If you have a judgment against you in Pennsylvania can you lose your house?
The forced sale of a primary residence is possible by a judgment creditor. However, this seldom happens as the procedure is lengthy and costly, generally the judgment creditor will place a lien on the property thereby encumbering it so that it cannot be refinanced, have the title transferred or sold until the lien is satisfied. Whether or not a valid lien is possible and/or a forced sale of the property is viable depends largely on how the property is titled.
What is the second thing alcohol affect?
A judgment.
Can a judgment creditor force the sale of a home if it does not have a mortgage attached?
It depends on whether the judge determines that the house is "necessary" and if it is a significant financial resource. If you have a lot of equity and the house is a little "ostentatious", he/she may determine that it isn't really necessary and that you can get by with a much more modest house. But it will all depend on the determination of the judge. * Although it is possible in the majority of US states for a judgment creditor to file a lien against real property, perfect the lien and then request a forced sale, the action is rarely implemented by the judgment creditor. In most cases the state or federal homestead exemption will protect a primary residence from a forced sale. Please be advised that a homestead exemption is not always automatically covered by state law and the homeowner is required to file a declaration of homestead for a primary residence to be protected. Also, a few states (Texas is one) have established laws that directly forbid the forced sale of a primary residence by a judgment creditor.
