Can a judgement be released at a real estate closing?
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Can a judgement be released at a real estate closing?
The title company found an unpaid judgement of $150,000 thought to have been settled by my deceased father. My mom cannot pay this, she cannot afford the current mortgage. The lawyer for the owed company said the judgement could be released at closing if she sold the house in NJ. Is this possible? I haven’t found any info supporting this.
Asked on September 19, 2018 under Real Estate Law, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
What the lawyer almost certainly means is that if the house is sold and brings in at least $150,000 (over and above paying off any mortgage(s) and paying closing costs), that money can be used to pay the judgment at closing; once the judgement is paid, it will be vacated and any lien(s), etc. released. But he is talking about using the sale of the home to pay the judgment at closing.
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