Deficiency Judgement recorded on Real Property – how soon force sale?
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Deficiency Judgement recorded on Real Property – how soon force sale?
A person owns 2 properties; 1 property went into foreclosure and a deficiency judgement was obtained through judicial foreclosure. The lender who obtained the deficiency judgement discovered that the debtor/property owner owns a 2nd property that has tremendous equity, enough to pay off the entire deficiency judgement. So, the lender recorded the lien judgement on the 2nd property. Once a lien in the form of a
Asked on March 22, 2018 under Real Estate Law, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, I would be very careful if I were you. A Judgement creditor can executte on a lien by asking the court for permission to sell the property. The only exemption is a homestead exemption. You should speak with someone about possibly refinancing the property with equity or obtaining a home equity loan to pay off the debt. Good luck.
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