What does an outstanding judgment from credit card company do to my property?
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What does an outstanding judgment from credit card company do to my property?
My boyfriend has a quitclaim deed; it is recorded for 1/2 interest in my property. It was as no value deed just $10.00; no money involved. I want to re-finance and the judgment against him is clouding the title to the home. The bank is telling me they cannot re-fi unless the judgment is satisfied. The property is in FL and is homesteaded. The bank said the judgment still has to be paid before they will re-fi even if he quitclaims it back to me.
Asked on August 16, 2011 Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If your boyfriend is on title to a piece of property that you have an interest in and there is a recorded judgment against your boyfriend on this property as to his interests in it, you will be unable to refinance the loan on this property until the judgment is satisfied in full and a full satisfaction of judgment is recorded on the property.
The result of the abstract of judgment is that there is a lien on your property. No lending institution will loan on the property where it will be security because the recorded abstract of judgment is a senior lien taking front seat against any refinance of the loan.
Even if your boyfriend quitclaims his interst in the property, the abstract of judgment still remains as a lien needing to be paid off on the property since it was recorded when your boyfriend was record owner of an interest in the parcel.
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