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This is not good, for you! It means that the Insurance co. has met their obligation and if there is an amount still owed, you're stuck with it! You may be sued by the adverse party and they may obtain a Judgment against you. However, in some cases, the Judge may order the Insurance co. to pay the Judgment and they will come after you for the full recovery, minus the amount stated in your policy! Good luck!
What else can I help you with?
What happens after a entry judgment is granted?
That pretty much depends upon how much the judgment is for. usually, if the judgment amount is small, then nothing happens except that you have a really negative mark on your credit report. If you attempt a purchase a home, the mortgage lender will force you to pay off the judgment before they will extend a mortgage loan to you. The judgment will appear on your credit report for a very long time and will negatively impact your credit score. If the judgment is for a relatively large amount of money, the creditor will most likely seek to garnish your earnings or attach monies in your bank accounts.
Do you have to pay the excess for a claim against your car insurance?
Your insurance co will cover damages up to the policy limit. If there is excess, you may be suit in civil court for the remaining amount. Once a judgment against you is obtained, you have to pay it.
What is a deficiency judgment?
A deficiency judgment is where the owner of a mortgage or deed of trust is awarded a judgment against the borrower in the amount of: the amount of money owed in the mortgage or deed of trust minus the amount of money the property sold for at foreclosure sale If the above amount is a positive number, some states allow the lender to get a judgment for that amount.
What happens if you have a judgment against you?
If you have a judgment against you, it means a court has ruled in favor of the other party in a legal dispute. This could result in various consequences, such as having to pay a monetary amount, having a lien placed on your property, or facing other legal actions to enforce the judgment.
What does writ amount mean?
The amount of a court issued judgment.The amount of a court issued judgment.The amount of a court issued judgment.The amount of a court issued judgment.
When a life insurance policy is cancelled and the insured selects term nonforfeiture the cash value of the policy will be used to purchase term insurance what happens to the face amount?
face amount reduces and the policy is made for paid-up value
If a judgment creditor over charged you on a writ of garnishment increasing the interest and the amount to be garnished can the judgment be vacated?
If a judgment creditor over charged you on a writ of garnishment increasing the interest and the amount to be garnished can the judgment be vacated?
What if the judgment was paid except the court costs?
If the amount of the court costs was added into the total amount of the judgment, then you have not paid off the judgment. You have only paid off the debt that was the basis for the lawsuit. Until the entire amount is paid, the judgment creditor will not give you the necessary release or warrant of satisfaction you need to eliminate the judgment lien.
What happens when a vehicle is totaled and you owe a finance company more than what the insurance company offers?
Auto dealers would normally offer you a Guaranteed Asset Protection plan attached to your amount of the auto. This GAP is technically insurance of your asset, the car for payment of the remaining amount owed the finance company after the regular insurance pays their amount.
What is Amount payable by insurance company for insurance?
This is the amount paid by the insurance company to the doctor. It is the negotiated rate less the amount that you paid in the form of a copay, a coinsurance, or a deductible.
What happens after the foreclosure auction who has to pay the difference between the amount sold at the auction and the difference of the loan?
the lender can seek a deficiency judgment against the homeowner in court
If your car insurance fails to settle a claim against you when your at fault what happens?
Your fault, your problem! Any amount of damage above the limits of your insurance policy is your responsibility. Pay attention when you drive!
