If I might be sued for about $30K by a second mortgage noteholder on a property that was foreclosed 3 years ago and I can pay about $350/month, what happens if he won’t accept the offer?
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If I might be sued for about $30K by a second mortgage noteholder on a property that was foreclosed 3 years ago and I can pay about $350/month, what happens if he won’t accept the offer?
I do not have any assets to sell to pay this.
Asked on January 29, 2016 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
They could sue you and get a judgment against you. Armed with the judgment, they could garnish your wages, levy on (take money out of) bank or brokerage accounts, execute on (have seized and sold) vehicles or other valuable personal property you own, or out a lien on any other real estate you own. A judgment also lasts for many years, so they could try to enforce it against you in the future, if your finances improve.
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