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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I'll say you're missing something... Posted by Ward-CA- on April 06, 2002 at 11:57 PM In Reply to: judgements posted by Brian on April 05, 2002 at 9:22 PM : Ward, I got a quit claim deed on a pre foreclosure the other day. I was amazed to find an unsatisfied judgement before the TD. It seems to me that I can buy the judgement and have a sherrifs sale on it and possibly get the house for the $500 I paid for the judgement, if no other bidders show up. Am I missing something or am I just plain lucky? =•=•=•=•=•=•=•=•=•=•=•= Brian, you didn’t mention the age of the judgment—when it was entered in the court record (not the date of recording). A judgment is only good for 10 years in CA, unless it’s renewed beforehand. So perhaps the judgment is stale. An involuntary lien, such as a judgment, has to be foreclosed judicially and would be sold by the Sheriff. Such a judicial proceeding requires the services of an attorney and takes approximately a year to complete and has to clear the hurdle of either a declared or implied homestead protection in the process. That means the judgment creditor has to prove to a judge at the homestead hearing that the value of the property is more than the sum of all outstanding liens plus the amount of the homestead exemption that the property owners are entitled to. Anyway, you mention you received title to the property via a quitclaim deed. So what good does it do you to try to acquire it all over again via an expensive, drawn out judicial foreclosure? And there’s no guarantee that other bidders won’t show up either. So yes, I’d say you’re missing a lot in your understanding of this particular scenario. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, I got a quit claim deed on a pre foreclosure the other day. I was amazed to find an unsatisfied judgement before the TD. It seems to me that I can buy the judgement and have a sherrifs sale on it and possibly get the house for the $500 I paid for the judgement, if no other bidders show up. Am I missing something or am I just plain lucky? : =•=•=•=•=•=•=•=•=•=•=•= : Brian, you didn’t mention the age of the judgment—when it was entered in the court record (not the date of recording). A judgment is only good for 10 years in CA, unless it’s renewed beforehand. So perhaps the judgment is stale. : An involuntary lien, such as a judgment, has to be foreclosed judicially and would be sold by the Sheriff. Such a judicial proceeding requires the services of an attorney and takes approximately a year to complete and has to clear the hurdle of either a declared or implied homestead protection in the process. : That means the judgment creditor has to prove to a judge at the homestead hearing that the value of the property is more than the sum of all outstanding liens plus the amount of the homestead exemption that the property owners are entitled to. : Anyway, you mention you received title to the property via a quitclaim deed. So what good does it do you to try to acquire it all over again via an expensive, drawn out judicial foreclosure? And there’s no guarantee that other bidders won’t show up either. : So yes, I’d say you’re missing a lot in your understanding of this particular scenario. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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