I got a civil judgement on me, and my home is in foreclosure, can I short sale the home with the judgement on it.
2007-06-09 11:16:01 · 3 answers · asked by kimberly t 2 in Business & Finance ➔ Renting & Real Estate
No.
2007-06-09 11:24:20 · answer #1 · answered by regerugged 7 · 0⤊ 3⤋
Yes you can but you will have to clear that judgement at closing.... assuming that judgement shows on title. Which it most likely will, but the new owners of the property on a short sale will have to get title insurance for their lender.
You will have to clear it, if it shows on title. Assume it will be there.
*update* sat is correct but to add to what he said a judgement follows you. If it goes into forclousure the judgement holder might not care they just follow you to your next house. Its a lien against your property but it will follow you. The judgement holder might negotiate but they dont have too because they know when you go to buy another house they are there again.
2007-06-09 11:21:09 · answer #2 · answered by financing_loans 6 · 1⤊ 0⤋
Yes. You just need to negotiate with the lien holder of the judgment to either pay all or a portion of the lien in order for them to release it. If you have no or little equity and it goes into foreclosure, chances are they will get nothing. So that should be your advantage in negotiations.
I do short sales in California, but they are all the same in other states as it relates to judgment liens.
Regards
2007-06-09 11:25:14 · answer #3 · answered by Anonymous · 1⤊ 1⤋