If my ex-husband had a judgment placed on him and they put a lien on our house, can the creditor foreclose on our house even if the house will not satisfy the judgment?
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If my ex-husband had a judgment placed on him and they put a lien on our house, can the creditor foreclose on our house even if the house will not satisfy the judgment?
Asked on June 13, 2017 under Bankruptcy Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Yes, they can potentially force the sale of the home even though the home will not fully satisfy the judgment--so long as there is any equity that could be used to pay the creditor (i.e. any equity after paying any previous or higher-priority liens or mortgages), they do this. Property does not need to fully satisfy a debt to be foreclosed upon; rather, whatever the property does bring in at a foreclosure sale (after paying costs of sale and higher-priority debts) will be applied to the debt, reducing the balance owed.
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