InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Abstracts of judgment are tenacious... Posted by Ward-CA- on March 15, 2004 at 9:20 PM In Reply to: Will Civil Judgements Prevent This Deal? posted by Jason L. on March 14, 2004 at 10:39 AM : Are all civil judgments that are recorded againts a homeowner attatched to the house? In this case I have a possible deal with a man who has lost several civil suits totalling over $300,000 due to a business he ownes. All are recorded at the recorders office and his house is now in default. He owes $356,000 on a house worth $600,000. I don't see anywhere on the recorded judgments saying they are attatched to the house. Can he sell his house for $356,000 on paper? Is there a way to do this deal? ================ Jason, Yes, all recorded abstracts of judgment (AJ) automatically attach to the title of all real property owned by the judgment debtor, in the same county where the AJ’s were recorded. AJ’s are general liens rather than specific liens. Therefore they don’t have to specify what property they’re against since they automatically attach to ALL real property titled in the judgment debtor’s name in the county. If your man owes $356K in mortgages or trust deeds and another $300K in AJ’s, then I’d say this deal sucks if his property is only worth $600K. Here in CA. judgments run for 10 years and are renewable indefinitely. They automatically bear a 10% legal rate of interest. Follow Ups: Re: Abstracts of judgment are tenacious... Rey in LA 4:27 PM, 03/16/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Are all civil judgments that are recorded againts a homeowner attatched to the house? In this case I have a possible deal with a man who has lost several civil suits totalling over $300,000 due to a business he ownes. All are recorded at the recorders office and his house is now in default. He owes $356,000 on a house worth $600,000. I don't see anywhere on the recorded judgments saying they are attatched to the house. Can he sell his house for $356,000 on paper? Is there a way to do this deal? : ================ : Jason, : Yes, all recorded abstracts of judgment (AJ) automatically attach to the title of all real property owned by the judgment debtor, in the same county where the AJ’s were recorded. : AJ’s are general liens rather than specific liens. Therefore they don’t have to specify what property they’re against since they automatically attach to ALL real property titled in the judgment debtor’s name in the county. : If your man owes $356K in mortgages or trust deeds and another $300K in AJ’s, then I’d say this deal sucks if his property is only worth $600K. : Here in CA. judgments run for 10 years and are renewable indefinitely. They automatically bear a 10% legal rate of interest. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455