If I have been notified that a judgement is being placed against me for the difference on a short sale, what exactly does this mean?

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If I have been notified that a judgement is being placed against me for the difference on a short sale, what exactly does this mean?

I am retired and living on fixed income.

Asked on October 11, 2011 under Bankruptcy Law, Montana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The notice that you have received about a judgment concerning a short sale is that apparently you sold your home for less than what was owed on the existing loan or loans to a third party and that the difference has resulted in some lawsuit later on by the lender against you.

A judgment is a serious situation in that your assets can be levied upon and taken away by the judgment creditor if the levied assets are not statutorily exepmt from a levy and that you timely file a claim of exemption concerning any levied asset.

I suggest that you immediately consult with an attorney experienced in debt collection matters to assist you in this matter.

Good luck.


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