Home › Forums › Closed Forums › Buying and Selling RE › hypothetical questions based on a real life property…
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UCGal.
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April 26, 2010 at 10:46 AM #17380April 26, 2010 at 11:44 AM #543924
UCGal
ParticipantOk – I’ve been googling (always a dangerous move)… I think I’ve figured it out.
If the home forecloses – since the first mortgage (the one foreclosing) is first in line, all the other liens get wiped out for the next owner… But the creditors/judgment holders could still go after the current owner for the debts that created the liens in the first place. The soon to be former owner is not off the hook… just that the debt is no longer attached to the personal home.
In a short sale – any (or all) of the lien holders could refuse to cooperate – and kill the short sale. Since we’re talking about two separate absentee judgments and two separate state tax liens… I’m assuming the short sale is less than likely to go through.
April 26, 2010 at 11:44 AM #544039UCGal
ParticipantOk – I’ve been googling (always a dangerous move)… I think I’ve figured it out.
If the home forecloses – since the first mortgage (the one foreclosing) is first in line, all the other liens get wiped out for the next owner… But the creditors/judgment holders could still go after the current owner for the debts that created the liens in the first place. The soon to be former owner is not off the hook… just that the debt is no longer attached to the personal home.
In a short sale – any (or all) of the lien holders could refuse to cooperate – and kill the short sale. Since we’re talking about two separate absentee judgments and two separate state tax liens… I’m assuming the short sale is less than likely to go through.
April 26, 2010 at 11:44 AM #544511UCGal
ParticipantOk – I’ve been googling (always a dangerous move)… I think I’ve figured it out.
If the home forecloses – since the first mortgage (the one foreclosing) is first in line, all the other liens get wiped out for the next owner… But the creditors/judgment holders could still go after the current owner for the debts that created the liens in the first place. The soon to be former owner is not off the hook… just that the debt is no longer attached to the personal home.
In a short sale – any (or all) of the lien holders could refuse to cooperate – and kill the short sale. Since we’re talking about two separate absentee judgments and two separate state tax liens… I’m assuming the short sale is less than likely to go through.
April 26, 2010 at 11:44 AM #544607UCGal
ParticipantOk – I’ve been googling (always a dangerous move)… I think I’ve figured it out.
If the home forecloses – since the first mortgage (the one foreclosing) is first in line, all the other liens get wiped out for the next owner… But the creditors/judgment holders could still go after the current owner for the debts that created the liens in the first place. The soon to be former owner is not off the hook… just that the debt is no longer attached to the personal home.
In a short sale – any (or all) of the lien holders could refuse to cooperate – and kill the short sale. Since we’re talking about two separate absentee judgments and two separate state tax liens… I’m assuming the short sale is less than likely to go through.
April 26, 2010 at 11:44 AM #544880UCGal
ParticipantOk – I’ve been googling (always a dangerous move)… I think I’ve figured it out.
If the home forecloses – since the first mortgage (the one foreclosing) is first in line, all the other liens get wiped out for the next owner… But the creditors/judgment holders could still go after the current owner for the debts that created the liens in the first place. The soon to be former owner is not off the hook… just that the debt is no longer attached to the personal home.
In a short sale – any (or all) of the lien holders could refuse to cooperate – and kill the short sale. Since we’re talking about two separate absentee judgments and two separate state tax liens… I’m assuming the short sale is less than likely to go through.
April 26, 2010 at 2:35 PM #543958SD Attorney
ParticipantUCGal, you are pretty much right on with your google analysis. It sounds like you may have an outstanding judgment against the guy and are worried that you won’t get paid when the home forecloses. If you want to discuss please contact me privately.
April 26, 2010 at 2:35 PM #544073SD Attorney
ParticipantUCGal, you are pretty much right on with your google analysis. It sounds like you may have an outstanding judgment against the guy and are worried that you won’t get paid when the home forecloses. If you want to discuss please contact me privately.
April 26, 2010 at 2:35 PM #544546SD Attorney
ParticipantUCGal, you are pretty much right on with your google analysis. It sounds like you may have an outstanding judgment against the guy and are worried that you won’t get paid when the home forecloses. If you want to discuss please contact me privately.
April 26, 2010 at 2:35 PM #544642SD Attorney
ParticipantUCGal, you are pretty much right on with your google analysis. It sounds like you may have an outstanding judgment against the guy and are worried that you won’t get paid when the home forecloses. If you want to discuss please contact me privately.
April 26, 2010 at 2:35 PM #544915SD Attorney
ParticipantUCGal, you are pretty much right on with your google analysis. It sounds like you may have an outstanding judgment against the guy and are worried that you won’t get paid when the home forecloses. If you want to discuss please contact me privately.
April 26, 2010 at 3:52 PM #543988UCGal
ParticipantI don’t have a judgment… yet – our arbitration with him just suspended because he didn’t pay his half. In the meantime I’m monitoring his status for signs of solvency and enjoying some karmic justice… He really screwed us financially and emotionally. If we can’t collect at least I can watch him suffer the consequences of his actions.
April 26, 2010 at 3:52 PM #544103UCGal
ParticipantI don’t have a judgment… yet – our arbitration with him just suspended because he didn’t pay his half. In the meantime I’m monitoring his status for signs of solvency and enjoying some karmic justice… He really screwed us financially and emotionally. If we can’t collect at least I can watch him suffer the consequences of his actions.
April 26, 2010 at 3:52 PM #544576UCGal
ParticipantI don’t have a judgment… yet – our arbitration with him just suspended because he didn’t pay his half. In the meantime I’m monitoring his status for signs of solvency and enjoying some karmic justice… He really screwed us financially and emotionally. If we can’t collect at least I can watch him suffer the consequences of his actions.
April 26, 2010 at 3:52 PM #544672UCGal
ParticipantI don’t have a judgment… yet – our arbitration with him just suspended because he didn’t pay his half. In the meantime I’m monitoring his status for signs of solvency and enjoying some karmic justice… He really screwed us financially and emotionally. If we can’t collect at least I can watch him suffer the consequences of his actions.
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