The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.
You lose your home and any equity you had invested in it. If the eventual sale of the home does not cover your debt to the Lender, they may come after you for the difference. This could result in a judgment against you. Your credit score is adversely affected by the foreclosure, and possible judgment.
Perhaps. It will depend entirely on the debts you owe. Creditors other than those who hold liens against the property cannot seize a primary residence and request a forced sale when it is protected by the homestead exemption. The above does not apply to first mortage lien holders, but it does apply to other creditors who may have a lien against the property as well as those who have not filed judgment liens. If the equity in the property exceeds the exemption amount it is possible for a judgment creditor to file a judgment writ as a forced sale to recover the debt owed. It is rare that a judgment creditor will take such action as it is time consuming and costly for all parties. In addition, there are a sine U.S. states that do not allow the forced sale of a primary residence by a judgment creditor(s), either by direct statute or laws based upon how the property is titled.
Maybe. Whether or not a creditor of any kind can use a judgment lien to force the sale of the debtor's residence depends upon two major factors, how the home is titled and the state's homestead exemption . Although it is possible in the majority of US states for a judgment creditor to enforce a judgment as a forced sale of a primary residence, it is seldom done. The process is complicated, expensive, time consuming and seldom results in a favorable results for the creditor.
If you do not get another policy the mortgage company will procure its own policy which will only cover your home. The policy covers the bank's interest, not yours. For example, if your home burns down, the "forced placed policy" will not cover any damage to your contents.
In most cases a judgment holder can encumber a primary residence with a lien to the extent of the amount of the lien and/or non exempted amount of the property. Generally the homestead exemption protects the property from a forced sale for the debt owed. In addition there are several US states that do not allow the forced sale of a primary residence to satisfy a judgment creditor. Please do not confuse a judgment lien with foreclosure procedures, they are two entirely different matters.
The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.
Maybe. It depends upon how the property is titled and to whom the judgment is against in relation to how the property is titled, (TBE, JTC, JT, etc.). However, the usual judgment execution would be as a lien against the property not a forced sale. Forced sales of primary residence is possible but is costly and time consuming for the judgment creditor and therefore is rarely used as an option to recover a judgment award.
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.
You lose your home and any equity you had invested in it. If the eventual sale of the home does not cover your debt to the Lender, they may come after you for the difference. This could result in a judgment against you. Your credit score is adversely affected by the foreclosure, and possible judgment.
Yes. If the creditor wins a suit and receives a judgment the judgment can then be executed according to the laws of the state where the debtor resides. The judgment creditor usually has several enforcement options such as wage garnishment or bank account levy or seizure and sale of non exempt assets or lien against real property. In rare cases a lien can be used as a forced sale of a home or other real property belonging to the debtor.
Perhaps. It will depend entirely on the debts you owe. Creditors other than those who hold liens against the property cannot seize a primary residence and request a forced sale when it is protected by the homestead exemption. The above does not apply to first mortage lien holders, but it does apply to other creditors who may have a lien against the property as well as those who have not filed judgment liens. If the equity in the property exceeds the exemption amount it is possible for a judgment creditor to file a judgment writ as a forced sale to recover the debt owed. It is rare that a judgment creditor will take such action as it is time consuming and costly for all parties. In addition, there are a sine U.S. states that do not allow the forced sale of a primary residence by a judgment creditor(s), either by direct statute or laws based upon how the property is titled.
Maybe. Whether or not a creditor of any kind can use a judgment lien to force the sale of the debtor's residence depends upon two major factors, how the home is titled and the state's homestead exemption . Although it is possible in the majority of US states for a judgment creditor to enforce a judgment as a forced sale of a primary residence, it is seldom done. The process is complicated, expensive, time consuming and seldom results in a favorable results for the creditor.
If the realtor sues for the amount owed and wins a judgment then the judgment can be used as a lien against the home even if it is titled in both names. Whether or not the judgment holder could request a forced sale of the property would be determined by the laws of the state in which the property is located based on the way the title to the property is held. The exception to the necessity for a court judgment to place a property lien would be the filing of a Mechanic's Lien.
No. A judgment creditor can place a lien against real property but a forced sale of a homestead is not possible. Texas is one of the few states that has a constitutional statute that directly forbids the forced sale of a primary residence for creditor debt. No, Texas has a specific statute which directly forbids the forced sale of a homestead for creditor judgments.
Almost all policies will cover living expenses if a homeowner is forced to move.
The lender is not the deciding factor, although FHA insurance can sometimes prevent a home from foreclosure and/or a forced sale on in some situations. What determines if a creditor can use a judgment to seize a homestead is the laws of the state in which the property is located and how the home is titled.