If Ihave a judgement against me for a foreclosure and I own another home free and clear, can that home be taken to satisfy the judgement
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If Ihave a judgement against me for a foreclosure and I own another home free and clear, can that home be taken to satisfy the judgement
Asked on January 14, 2012 under Bankruptcy Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you have a home that is foreclosed upon where there might be a possible deficiency judgment if the home is foreclosed upon for less than what is owing on the loan. I suggest that you retain an appraiser to make an appraisal of the home as to its current value in the event that the lender makes a partial credit bid on it and then tries to sue you for a deficiency where the purchase price is way low based upon current fair market value.
If the home that is foreclosed upon was not your primary residence and was not purchase money, you might not be protected under your state's anti-deficency statutes. The issue is if your state has statutes precluding deficiency judgments in the event of a non-judicial foreclosure.
If there is a deficiency judgment, there is a very good chance that an abstract of judgment could be recorded on your other home and the second home sold to satisfy any judgment. I suggest that you consult with a real estate attorney about your situation.
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